Apple first integrated NFC capabilities into its flagship smartphone with iPhone 6 and 6s in 2014.
Details of the payments tech were left unreported, but Mobeewave's solution appears to focus on the secure transfer of credentials over existing hardware protocols.
Mobeewave's technology employs NFC communications to enable users to conduct payments by tapping a compatible credit card on a smartphone.
Citing sources familiar with the matter, Bloomberg reports Apple paid approximately $100 million for Montreal-based Mobeewave and its "dozens" of employees.
Apple recently purchased Mobeewave, a payments technology startup that developed a method by which smartphones like iPhone can be used as mobile payments terminals.