Step-Forth: Apple to move into mobile payments

Apple could use the fingerprint reader on its latest model, the iPhone 5S, to limit fraud.


Afp January 25, 2014 Less than a minute read

NEW YORK: Apple is considering launching a ‘mobile-payments’ service for its iPhone and iPad, which would compete with major players such as PayPal, The Wall Street Journal said. Apple’s iTunes and App Store chief Eddy Cue said that he had met with industry executives to discuss Apple’s interest in handling payments for physical goods and services on its devices. Apple manages purchases of digital content in its online store iTunes. “Consumers can also buy mobile applications using their iTunes account, meaning the company already has hundreds of millions of credit cards on file,” he added, saying that Apple could use the fingerprint reader on its latest model, the iPhone 5S, to limit fraud. The company last year said it had 575 million registered users with its iTunes store and has sold 375 million iPhones over the last five years and 155 million iPads since its launch in 2010.

Published in The Express Tribune, January 26th, 2014.

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