Apple Buys Payments API Developer Stamplay

Apple has reportedly acquired API integration developer Stamplay for 5 million euros ($5.678 million).

The Rome-based startup won a contest to make the best use of new Visa APIs, according to Venture Beat. While it’s unknown exactly why Apple is interested in Stamplay, the fact that the company has experience in the financial payments industry could be beneficial to the tech giant with Apple Pay, its digital payment service. In fact, it is expected to expand the service with a self-branded credit card next week.

Stamplay co-founder Giuliano Iacobelli has described the company’s focus as “Lego for APIs,” enabling business developers to easily connect both internal and external APIs to apps.

As part of the acquisition, Apple agreed to keep Stamplay’s founders on at the company, although they will now be Apple employees.

Apple has continued to expand Apple Pay, adding new banks and credit unions throughout 2018. Last year, the service popped up for iPhone users in Brazil, Ireland and Spain. It also launched in Poland in June, working with banks including Alior, BGŻ BNP Paribas, BZ WBK, Getin, mBank, Nest Bank, Pekao and Raiffeisen Polbank, with more expected to be added.

In addition, Apple CEO Tim Cook noted that total transactions tripled on a year-over-year basis.

“We believe the availability of Apple Pay at major transit systems has been a key driver of adoption among commuters, and in March, we launched Express Transit with Apple Pay in Beijing and Shanghai — the second- and third-largest transit systems in the world,” Cook said at the time.

And earlier this year it was reported that the service was looking to make inroads in Australia through its dual-network debit cards where users can opt for Visa or EFTPOS, an electronic payments system that is tied to debit or credit cards presented at the point of sale and available only in Australia.