Apple Developing New Mobile Payments Service [Report]

Customers can already use their iTunes account to purchase a plethora of content ranging from books to movies, music and apps, but apparently Apple is now looking into the mobile payments arena. It may even be planning to launch a new service, if the latest from Wall Street Journal is true. The publication claims that Apple has started “laying the groundwork” for a new mobile payments service, which will be aided by the millions of customers who already use their credit cards for purchases on iTunes.

Citing people with knowledge of the situation, the Journal claims that Apple’s iTunes and App Store head Eddy Cue as well as a “key lieutenant” of CEO Tim Cook have met with industry executives to discuss the company’s plans of venturing in the mobile payments space. Jennifer Bailey, a longtime Apple executive previously tasked with running the company’s online stores has reportedly been moved into a new role to develop the new mobile payments service. Three people who have knowledge of the move spoke with the Journal, so its possible that the company has started focusing towards this particular arena. How it will compete against existing services the likes of PayPal, Square and Stripe remains to be seen.

Adnan Farooqui
Categories: Apple, Rumors