PayPal wants in on Apple’s mobile payment system

paypal-here

Earlier this week the Wall Street Journal reported that Apple has been in discussion with several leaders in the mobile payment industry. Could internet payment leader PayPal be among them? According to a report from Re/code, the eBay-owned company is eager to work with Apple to develop a system of iPhone-based transactions.

Most believe Apple is fully capable of rolling out the service on their own, but PayPal obviously sees it as advantageous to get behind a system that has the potential to quickly become the leading mobile payment platform. The company is so hopeful to be a part of this revolution that PayPal is reportedly offering to white-list any number of technologies or services for use in Apple’s platform, right down to processing the transactions. A partnership, however, could be beneficial for both, getting the system off the ground and in more stores as quickly as possible.

2014 looks to be the year that Apple finally takes the plunge into the mobile payments ecosystem in earnest. Along with whispers of discussions taking place between Apple and industry executives, Tim Cook confirmed during a financial address earlier this week that one of the thoughts behind the iPhone 5s’ Touch ID sensor was secure mobile payments.

Currently Apple has not fallen in line with other manufacturers in adopting NFC as the technology to power a payment service. Instead, the company introduced its proprietary Bluetooth-based iBeacon system, which has seen slow but steady adoption among retailers. Rumors also claim that a user’s iTunes account could be linked to Apple’s payment platform.

[via Re/code]