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Apple to launch its own mobile payment service soon

Apple iPhone is currently known as a premium consumers’ platform, where most of the mobile transactions happens every seconds, where many users buy goods with their iPhone via various of payment solutions, but now, Apple itself want to provide a mobile payment solutions for its customers.

appleAccording to the Wall Street Journal, Apple inc is currently in early stages of building the infrastructure related to the mobile payment service. The report claims that Apple’s senior VP of Internet Software and Services Eddy Cue has been meeting with other firms to discuss the possibility of handling payments in Apple retail stores as well as iTunes online.

We know that Apple has much more desire to drive into the payment technologies, especially in its own stores such as recently introduces iBeacons as well as the provision to make smaller purchases via Apple Store iPhone app without interacting with the “Apple Genius.”

Currently, Apple has millions of credit card details within itself, by which users can use those stored credit card information for shopping on Apple retail stores as well as online stores such as iTunes and App Stores. Experts believe that the company’s Touch ID tech will further help to ease the payments, if Apple brings its own mobile payment service.

Last year, Apple CEO Tim Cook said that “the mobile payment industry is in its infancy,” and now the intention seems to be very clear, to compete with the already established service providers such as PayPal, Google Wallet, Visa, Mastercard, American Express, Square and others.

[ Via: Wall Street Journal ]

About John W Arthur

John is the head of our IT Security team and he writes about Security, IT news on The Next Digit. He was the Employee of the Year 2013 for his selfless support and efficiently setting up the whole security infrastructure. He also occasionally writes on "IT Sec Pro" Print Media of Sweden. All posts by John

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