Apple’s retail technology play

Apple Retail taught the company a great deal concerning the future of , and a quiet acquisition shows it intends to go with the retail flow as it invests in a system that turns iPhones into POS payment systems.

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Apple Pay and Apple Payments

While we already use Apple Pay to purchase items contact free using iPhones and Apple Watch, when it comes to taking payments most retailers rely on third-party payment systems. Square, Izito, PayPal Here, Sumup and other providers work to fill the gap – usually using some form of dongle.

Apple has now invested Mobeewave.com, a company that has been developing technologies to use the built-in NFC chip inside iPhones to accept payments. A report indicates the deal cost around $100 million, and means Apple now has a tech it can use to take payments using iPhones.

The deal was confirmed with the company’s now-customary statement that it “generally” doesn’t discuss its plans when purchasing smaller firms.

What could it mean?

The system lets retailers accept credit card and smartphone payments using their smartphone and the built-in NFC chips on cards and devices. It’s a simple task: retailer inputs the cost, the card/phone is tapped on the device and payment is exchanged.

It is interesting to note that Samsung has been working with Mobeewave since 2019.

When that partnership was announced, Mobeewave co-founder, Maxime de Nanclas, said:

“There are an estimated 25 million micro-merchants and approximately 5.5 million small merchants worldwide, many of whom are unable to grow their business due to a lack of easily accessible and affordable payment acceptance services.”

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