Apple Inc. (AAPL) is “serious” about mobile payments system

Posted Apr 22, 2014

Apple Inc. (NASDAQ:AAPL) may create its own proprietary mobile payments system. Apple said it is “very, very serious” and is looking at filling new positions to lead the new initiative. One of them is the head of product and another is a head of business development.

?We?re seeing that people love being able to buy content, whether it?s music or movies or books, from their iPhone, using Touch ID,? stated Apple Inc. (NASDAQ:AAPL) CEO Tim Cook in first quarter earnings call. ?The mobile payments area in general is one that we?ve been intrigued with, and that was one of the thoughts behind the Touch ID. But we?re not limiting ourselves just to that.?

Apple may partner with PayPal on the mobile payment systems, but nothing is official yet. Apple iTunes has around 600 million registered accounts and many of them contain the associated credit information used to buy music, movies, TV shows, and apps.