Apple Looking into Starting its own Mobile Payment Service

Apple has thought about the issue before but the plans got scrapped. Now, however, it is seriously looking into starting its very own expanded mobile-payments system. It has all the hardware and all that is needed is to put the software in place.

It makes you kind of wonder! Apple has its clientele able to identify themselves via a simple fingerprint on their smart phones. It can furthermore locate them by its iBeacons in any store. So why can’t it also have them purchase anything physical via the account they have registered at Apple? 

While, this was discussed awhile back, the idea was killed due to the fact that the mobile payment nexus is in a state of chaos. But now Tim Cook and some of the top execs at Apple are looking forward to starting their own payment scheme on the lines of PayPal, Google and Square. Apple is interested in this new direction of expansion. 

“We believe a revolutionary payments solution is now a very real opportunity that the company could choose to pursue,” Mr. Icahn wrote.

Meanwhile, when questioned there was no response from Apple. They like to keep things under wraps till the last moment. The uber-rich Carl Icahn, who has shares in Apple, has also urged the company to consider this scheme in order to further improve its portfolio. 

All that would be needed is an iTunes account. The only thing holding back Apple is the purchase of physical items by its clientele. This requires the consolidation of its services so that they meld with each other. The high tech firm has yet to awaken the giant that lies within it. However, it will have to be careful since the mobile payment business is not as easy to operate as it looks at first blush.

“Apple is absolutely the sleeping giant in the payments world,” said Denee Carrington, analyst at Forrester Research. “They have the capability; they just haven’t tied it all together.”

Source: WSJ