Apple Inc. (AAPL) CEO says new product category is ‘closer than ever’

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Apple Inc. (NASDAQ:AAPL) has a reputation for being quiet about product releases. However, Apple CEO Tim Cook said that the company is now “closer than it’s ever been” in terms of entering a new product category.

Apple has been promising to enter a new product category for a while now. But Tim Cook is asking Apple fans to be patient with them though. “You want to take the time to get it right,” said Cook. He added that what is coming will be “really great.”

“To do things really well, it takes time,” said Cook in an interview with The Wall Street Journal. “You can see a lot of products that have been brought to market where the thinking isn’t really deep and, as a consequence, these things don’t do very well.”

Cook did not indicate what type of product category that Apple is working on, but we believe it is a health-related smartwatch, which could monitor heart rate and blood pressure.

Is Apple considering mobile payments? Cook said in the past that mobile payments was an intriguing product category and there was potential for using the Touch ID fingerprint scanner that is built into the iPhone 5s. However, he said that mobile payments are “an area where nobody has figured it out yet.” So this is likely not Apple’s newest product category.

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