Apple working on a mobile payments service?

Apple working on a mobile payments service?

Apple may be entering the mobile payments space, The Wall Street Journal is reporting. The company’s iTunes and App Store head Eddy Cue, has apparently met with executives in other industries to discuss the matter. At the same time, the report suggests, Apple’s online store executive Jennifer Bailey has given the job of starting up this new business.

Already hundreds of millions of users have entered their credit card information in iTunes to shop for music, movies, books and apps. So there’s gotta be a way Apple could use this data to enter this market and perhaps even get a head-start in the game.

According to Forrester Research analyst Denee Carrington, Apple is “the sleeping giant in the payments world. They have the capability; they just haven’t tied it all together.”

Needless to say, we don’t have any further details at the moment and chances are, we’ll have to wait for Tim Cook to announce the big news. Heck, at this point we’re still hoping something like that will happen by the end of this year.

One thing is certain though, with more than half a billion iTunes accounts and 375 million iPhones sold, the moment Apple enters the mobile payments market, it will be one of the biggest service providers in the industry, all while making mobile payments sexier than ever…

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