Apple’s interest in creating a mobile payment platform is on the rise in recent weeks as Cupertino looks to break into the growing market for such services. The company, however, has one major advantage that could give them a boost to the forefront. Along with millions of iPhones and iPads already in the hands of users, those devices are linked to iTunes accounts, which, in turn, are linked to credit cards.
With the groundwork already being laid for a secure form of mobile payment through technologies like Touch ID and iBeacon, Apple could do what basically amounts to flipping a switch and immediately have one of the largest mobile payment user bases in the world. If only it were that simple.
iTunes and App Store top dog Eddy Cue has been meeting with executives in the industry to discuss the possibility of using an iTunes account to make real-world purchases of physical goods and services. At the same time, Jennifer Bailey, once in charge of Apple’s online stores, is now heading up a team working on building out the payment system.
Apple has been hesitant to put its weight behind mobile payments, opting to wait for the market to mature. In order for such a system to work out, Apple would have to work closely with retailers and financial institutions to agree on such things as associated fees and handling customer complaints. One solution posited by the WSJ could include sharing credit card information from iTunes without actually completing a transaction via Apple’s digital content store.
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