Apple Wants To Take A Bite Out Of The Mobile Payments Market

Apple is reportedly attempting to launch its very own mobile payment service. The service will use the iTunes store account and credit card details to pay for various items from stores. Similar to PayPal and other services, but of course, Apple will take some profit out of it.

The payment service is to be an alternative to PayPal and Google Wallet, but of course this news will not go so well with the latter companies. Eddy Cue, Sr. VP of Internet Software and Services, is rumored to be meeting with industry executives in retail and commerce to prepare things on the market for Apple’s payment service entry.

The move is also has Apple on an advantage, since there are reported to be 575 million active Apple IDs and only 137 million PayPal accounts, and even less for Google Wallet. The integration will mainly be from Apple’s side, and once its done and retail stores can start accepting Apple payments through customers’ iTunes Accounts, iPhone or iPad owners can simply go around paying for their things only by using their devices.

The launch of Passbook back in 2012, but the app only allowed users to store their boarding passes, tickets, cards and other payment methods. It was not too widely used, but it did help Apple study the way people interacted with it and compared it to other services. The conclusion drawn seems to be the payment service which they are going to implement. Apple, as always, refused to give any comments on the payment service rumor.

Thank you T3 for providing us with this information
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