PayPal Wants In On Apple’s Rumored Mobile Payments Service [Report]

Not too long ago it was rumored that Apple is working on a new mobile payments service that will facilitate the purchase of physical goods through millions of its mobile devices. It was also said that Apple executives have already met with several key players in the industry to discuss plans, concrete proof of its mobile payment service plans is yet to surface though. According to a new report by re/code, apparently eBay owned mobile payments juggernaut PayPal is interested in joining forces with Cupertino on this project.

Three industry executives have told the publication that PayPal is pitching Apple on the idea of taking it onboard, letting it work in the background by handling things such as the back-end infrastructure, fraud detection and possibly even payments processing. The sources also claim that Apple is “finally committed” to have its mobile devices play a pivotal role in purchase of physical goods, but the technologies that Apple may end up using are not exactly clear at this point in time. Many analysts have predicted that the Touch ID fingerprint scanner in iPhone 5s might play an important part in a future mobile payments service, but so far Apple hasn’t confirmed its intentions of going down that road. As always, Apple has refrained from commenting on speculation.

Adnan Farooqui
Categories: Apple, Cellphones
Tags: paypal