MONTREAL, Canada  — Apple Inc. has acquired Mobeewave Inc., a startup with technology that could transform iPhones into mobile payment terminals for $100 million, according to Bloomberg.

Mobeewave’s technology lets shoppers tap their credit card or smartphone on another phone to process a payment. The system works with an app and doesn’t require hardware beyond a Near Field Communications, or NFC, chip, which iPhones have included since 2014.

Apple acquired a startup with technology that could transform iPhones into mobile payment terminals, sources say, putting it in direct competition with Square https://t.co/FNm8Otv3N5

— Bloomberg Technology (@technology) August 1, 2020