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Thread: Apple Reportedly Looking to Develop a Mobile Payment Service

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  1. #1
    MMi Staff Writer Akshay Masand's Avatar
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    Default Apple Reportedly Looking to Develop a Mobile Payment Service


    Apple is reportedly looking to develop a new mobile payment service on the back of its hundreds of millions of iTunes Store accounts, most of which have credit cards already attached according to the folks over at The Wall Street Journal. The report claims Eddy Cue, Apple’s senior vice president in charge of Internet Software and Services, including the iTunes Store, has met with other companies to discuss the company’s desire to handle payments in retail stores and elsewhere. The following was mentioned regarding the matter:

    Eddy Cue, Apple's iTunes and App Store chief and a key lieutenant of Chief Executive Tim Cook, has met with technology industry executives to discuss Apple's interest in handling payments for physical goods and services on its devices, according to people familiar with the situation.

    In another sign of the company's interest, Apple moved Jennifer Bailey, a longtime executive who was running its online stores, into a new role to build a payment business within the technology giant, three people with knowledge of the move said.
    Apple has been driving new payment technologies in its own retail stores including the use of Bluetooth-based iBeacons and the ability to pay for smaller purchases through its Apple Store iPhone app, without the need to interact with a salesperson. At the moment, the Cupertino California company only allows accountholders to use their stored credit card information for purchases on Apple’s online and retail stores through its app as well as the iTunes and App Stores. The new Touch ID technology could potentially speed up and authenticate purchases if Apple were to integrate that with its mobile payment service.

    Tim Cook previously said last October that Apple would use its skills in building software, hardware, and services to create “great products” in categories that Apple doesn’t participate in today. Passbook, the system that Apple released a few years ago to make it more convenient for customers using gift card or ticketing apps, along with Touch ID, iBeacon, and its vast collection of saved credit card numbers, could all be a part of a larger mobile payments play by the company.

    Cook called the burgeoning mobile payments industry as being “in its infancy” last year, with many players. As of right now, eBay’s PayPal, Google, Square, Visa, Mastercard and AmericanExpress all seem to be examining or have already developed mobile payment platforms.

    Source: The Wall Street Journal via MacRumors

    Twitter: @AkshayMasand

  2. #2
    Green Apple thumper_net's Avatar
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    i could see future shops with nfc payments , they have them in holland on test , but i cant see shops paying apple for another system , there are not enough iphones out there to warrent the cost , all apple need is an nfc chip in the next iphone and thats it as shops dont have the money to install an extra system just in case someone with an iphone walks in

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