Apple Expected To Develop Digital Wallet By 2014 [Analyst]

Google launched its Google Wallet service nearly two years ago, and has since been a great way for Android users to pay for stuff without the burden of having to carry around their wallet everywhere they go. Apple, not to be outdone by Google in its Maps and possible Street View space, is expected to develop its own digital wallet within the next year or two, according to Piper Jaffray analyst Gene Munster.

Munster believes a payment option for iOS users will use a technology that will replace or be in addition to NFC, although its system will work with already existing mobile payment solutions. The mobile payment option is expected to be made available with the iPhone 6 in the first half of 2014. Munster also believe Apple will rely on its iTunes database as it currently holds over 500 million accounts, which the majority of those most likely have credit cards linked. Hopefully if what Munster predicts becomes true, Apple will find an easier way to approve transactions that wouldn’t require iTunes users to input their password every step of the way.

Daniel Perez
Categories: Apple, Cellphones, Tablets
Tags: iOS, iPad, iPhone, iPod Touch