Apple Buys Startup to Challenge Square in Mobile Payments

Apple (NASDAQ: AAPL) has reportedly acquired a Canadian start-up with technology that could be used to turn every iPhone into a contactless payment acceptance device, directly challenging Square (NYSE: SQ), which is the leading provider of mobile payment hardware and software.

Bloomberg says Apple is paying $100 million to buy Mobeewave, a maker of tech that allows mobile devices to accept in-person payments without additional hardware.

Image source: Mobeewave.

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Source Fool.com