Apple has acquired Mobeewave in a move that continues the global adoption of cashless payment from cards to smartphones.
The deal follows others where Apple’s strategy is to integrate smart startup apps into its own technology. The price of $100 was reported by Bloomberg sources close to the deal and further adds simple and significant functionality to iPhones.
By equipping an iPhone with secure, contactless payment-acceptance capability, Mobeewave’s patented technology allows users to put cash in to their mobile wallets as well as make payments.
The app does not require any hardware and uses near-field communication technology.
Near-field communication is a set of communication protocols for communication between two electronic devices over a distance of 4 cm or less. Near Field Communication offers low-speed connections that can be used to ‘piggy back’ more-capable nearby wireless connections.
It also offers enhanced security as near-field communication, you must perform an action intentionally.
This form of electronic payment reduces multiple touch points in restaurants, so potentially adds to current Covid-19 safety processes.
Mobile payments have been slow to take off in the US particularly, with much of Asia and Europe significantly ahead. The addition of the Apple brand to the process would seem to offer assurances to many consumers, in the US and elsewhere.
With Apple paying $100 for the technology they clearly expect restaurateurs and consumers to follow suit in its wider adoption.
Apple acquires restaurant payment – 3 August 2020 – Apple acquires restaurant payment