Apple Interviewing Senior Payments Industry Executives – Mobile Payments on the Way?

by Istvan Fekete on April 22, 2014

After introducing the Touch ID fingerprint scanner with the iPhone 5s, rumours have been circulating about Apple’s mobile payment system. And as it turns out, the iPhone maker seems to be preparing to make the move: it has been interviewing senior payments industry executives to push ahead with a plan to build an electronic payments business, people familiar with the matter have told Re/code.

Apple is reportedly looking to fill two positions: head of product and head of business development, these people said, so the company has been actively meeting with potential applicants. The discussions have been led by Jennifer Bailey, Apple’s long-time head of e-commerce.

It’s an open secret that Apple has more than 600 million active iTunes accounts, with the vast majority of them being linked to a credit card account. If the company wants to go further, it could use these payment accounts as a foundation. From what the people familiar with the matter have learned, the iPhone maker wants to allow users to buy physical goods in apps and on the Web using their iPhones. And it is also considering how it might best help its customers make purchases in physical retail stores using only their phones and payment information stored in their iTunes accounts.

There were rumours about PayPal seeking Apple’s partnership for the latter’s mobile payment plans, and according to Re/code’s sources, the two companies were engaged in talks as recently as last month.

To boost its mobile payment business, Apple has considered acquiring Square, the company founded by Twitter’s Jack Dorsey. The idea behind the acquisition talks was to quickly build a network of retailers to begin using its mobile payment service, but the deal didn’t go through.

We don’t know when Apple plans to deploy its mobile payments service. What we do know, however, is that the iPhone maker is highly interested in this market segment.

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Written by: Istvan Fekete. Follow by: RSS, Twitter, Facebook, or YouTube.

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Apple Opens up Touch ID Fingerprint Sensor to All Apps and Lays Groundwork for Mobile Payments? —
June 3, 2014 at 5:24 am

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