According to Bloomberg, iPhone maker Apple acquires payment startup Mobeewave technology for $100 million. The Mobeewave team will continue to work from its main office in Montreal.
Mobeewave lets shoppers tap a credit card or smartphone on another phone to process a payment.
After this acquisition iPhone users could use it as a payment terminal with no additional hardware required.
Apple in its statement said, “Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.”
In 2014, Apple added Apple Pay to the iPhone allowing users to pay for physical goods with a tap in retail stores. Last year, it launched its own credit card known as Apple Card.
As per the report, the acquisition has the potential to allow Apple to compete with companies like Square, which makes hardware that allows iPhone users to accept credit and debit card payments.