Apple Seeks Mobile Payment Service

Some enlightening news has come out lately that Apple is seeking to develop a mobile payment service similar to those by PayPal, Google, Square, Visa, Mastercard and American Express. The transition would be simple, as a solid majority of iTunes Store accounts have credit cards associated with them. A report from The Wall Street Journal claiming this notion also states that Eddy Cue has met with other companies to discuss payments in retail forms using iPhones.

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.

This shouldn’t really come as a surprise. Apple has already been testing iBeacon as a mobile payment method and pushed the Apple Store iOS application for years. Touch ID could also provide an additional layer of security if this payment system ever debuted to the general populace. Whatever’s about to happen, we’re excited for it, as any mobile payment system changes the way users pay for goods and could possibly change the way that traditional brick and mortar stores work.