Report: Apple May Enter the Mobile Payments Business

AppleApple has already laid the groundwork for a strong mobile payments service. The Cupertino-based tech giant has sold well over 500 million iPhones and iPads to date. The company has hundreds of millions of credit cards on file for its iTunes stores. If you own an iPhone 5S, it can use your fingerprint to confirm purchases. With iBeacon, it can even determine where you are inside a store. Now Apple may tie those elements together to challenge companies like PayPal, Square, and Stripe in the mobile payments business. App Store chief Eddy Cue has met with numerous payments executives to discuss the company’s interest in building a payments business for physical goods and services, according to the Wall Street Journal. Apple is said to have met with at least five payments industry executives but reportedly tapped Jennifer Bailey, head of the company’s online store, to build the new business.

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