Apple reportedly snapped up point-of-sale (POS) startup Mobeewave for nearly $100 million, bringing in its dozens of employees based in the startup’s Montreal headquarters, according to Bloomberg.
Business Insider Intelligence
Mobeewave develops POS solutions that enable mobile devices to accept contactless payments via an app without requiring additional hardware like dongles. For context, Samsung — one of Apple’s biggest competitors — previously partnered with Mobeewave and its venture capital arm invested in the firm.
The scoop up could bolster Apple’s payments business by turning iPhones into mobile POS (mPOS) devices. In October, Mobeewave helped Samsung introduce Samsung POS, an mPOS solution that lets some NFC-enabled Samsung devices accept debit and credit payments from contactless cards, Samsung Pay, Apple Pay, and Google Pay through tapping a card or device on the mPOS device.
Bringing in Mobeewave may allow iPhones and other NFC-enabled Apple devices to do the same, giving Apple the chance to facilitate payments acceptance for more merchants. Debuting its own mPOS solution would also give the company a new avenue to promote Apple Pay and Apple Card, and to drive volume for its payments business, helping its services segment find more sources for revenue growth.
Moving into mPOS solutions would help Apple keep up with Samsung and pit it against POS bellwhethers like Square.
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