Apple’s $100 million acquisition of Mobeewave: The iPhone is expected to serve as a POS in the future.

Apple recently paid $100 million for Montreal-based Mobewave, Bloomberg reported. The latter is a payment technology start-up that can turn the iPhone into a mobile payment terminal. The company’s “dozens” of employees will continue to work at their Montreal headquarters.

Apple's $100 million acquisition of Mobeewave: The iPhone is expected to serve as a POS in the future.

Themedia later contacted Apple about the acquisition and received a reply: “Apple buys small technology companies from time to time, and we generally do not discuss our purposes and plans.” Mobeewave’s technology uses NFC communication technology, allowing users to pay by clicking on a bundled credit card on their iPhone, and consumers to make transfers through close contact between two phones.

Apple's $100 million acquisition of Mobeewave: The iPhone is expected to serve as a POS in the future.

Details of the acquisition have not been made public, but Mobeewave’s solution appears to be focused on securely transferring credentials through existing hardware protocols. Some POS machines support tap-to-pay credit card transactions, but Apple hasn’t taken the technology seriously since the NFC feature was first launched with the iPhone 6/6s in 2014.