Apple Inc. (AAPL) may compete with PayPal in mobile payment space

Posted Jan 25, 2014

Apple Inc. (NASDAQ:AAPL) is strongly considering getting into the mobile payment service space, according to The Wall Street Journal. Apple iTunes and App Store head Eddy Cue reportedly met with industry execs to talk about Apple handling payments for physical goods and services through their devices.

Apple has hundreds of millions of credit cards on file through the consumption of the Apple App Store and iTunes. Apple could even use the fingerprint reader in the iPhone 5s to cut down on fraud.

Apple currently has 575 million registered iTunes store users and sold 375 million iPhones on the market. Around 155 million iPads were sold since 2010 as well.