Apple to expand into mobile payment segment


In the past, many clues have surfaced which pointed to the possibility that Apple is working on its own mobile payment business. There were rumors of secret meetings, patent filings and predictions from analysts.

One recent report says that the company seems to be hiring two new senior electronic payments positions. In addition to that, some sources are claiming that the American company has very serious ambitions. Apple already allows hundreds of millions of users to purchase music, apps and books through their iTunes accounts, which are linked to their credit cards. Moreover, expanding the payment process with a digital wallet or other kind of mobile payment service can prove to be a good thing for the company.

There were rumors in January 2014 that Apple was exploring a new move beyond the digital realm and will be allowing users to pay for physical goods and services like taxi rides or clothes through their iTunes account. Reports say that the company is conducting meetings with some of the executives to discuss this subject.

As the company plans to expand into the mobile payment segment, this can direct Apple into big competition with other retail giants in the market like PayPal or Stripe. There are also possibilities that Apple will be teaming up with PayPal in some kind of joint venture.

Photo Credits: CDN