Sun, Jan 26, 2014 - Page 13 News List

Apple mulling move into mobile payments: report

AFP, NEW YORK

Apple is considering launching a mobile-payments service for its iPhone and iPad, which would compete with major players such as PayPal, the Wall Street Journal said on Friday.

The newspaper, citing sources, said Apple’s iTunes and App Store head Eddy Cue “has met with industry executives to discuss Apple’s interest in handling payments for physical goods and services on its devices.”

Apple manages digital content purchases in its online store iTunes. Consumers also buy mobile applications using their iTunes account, meaning Apple has hundreds of millions of credit cards on file.

“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,” the newspaper said, citing “three people with knowledge of the move.”

Apple could use the fingerprint reader on its latest model, the iPhone 5s, to limit fraud.

The company last year said it had 575 million registered iTunes users and has sold 375 million iPhones in five years and 155 million iPads since its launch in 2010.

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