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Rumor: Apple may get into the mobile payments biz, challenging PayPal & Square

by TabTimes Staff

January 26 2014

Which has led to speculation that Apple may tie those elements together and challenge the likes of PayPal and Square in the mobile payments business.

With over 500 million iPhones and iPads sold and hundreds of millions of credit cards on file for its iTunes stores Apple has already laid the groundwork for a strong mobile payments service.

Adding fuel to the rumors, the Wall Street Journal reports that Apple's App Store chief Eddy Cue has met with several payments executives to discuss the company’s interest in building a payments business for physical goods and services.

Mobile payments is an increasingly hot business. Americans spent around $12.8 billion through mobile devices in 2012, and research firm Forrester expects that figure to jump to $90 billion by 2017.

Apple CEO Tim Cook said mobile payments technology is still “in its infancy,” during an April, 2013 conference call with investors.

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