Tim Cook: Mobile Payments 'One of the Thoughts' Behind Touch ID

applestore.pngDuring Apple's earnings call today, CEO Tim Cook indicated that mobile payments were one of the driving forces behind the company’s decision to introduce Touch ID with the iPhone 5s.

The mobile payments area in general is one that we’ve been intrigued with. It was one of the thoughts behind Touch ID.

Cook went on to say that people love being able to buy digital content from their iPhones using Touch ID, because it's "incredibly simple and easy and elegant."

He added that while Apple is not planning on limiting Touch ID to digital purchases, the company had nothing specific to announce today, mobile payments are an opportunity that Apple has been "intrigued with" and there is a "big opportunity on the platform."

Tim Cook's comments on mobile payments follow a report last week that suggested Apple is currently working on developing a new mobile payment service that will allow the company to handle payments for physical goods and services in the future.

While Apple currently limits iTunes account holders to using their stored credit card information for purchases on Apple's online and retail stores through the Apple Store app, iTunes, and the App Store, stored information could be used in the future for other types of payments with Touch ID technology used to speed up and authenticate real world purchases.

Related Roundup: Apple Pay

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Top Rated Comments

citi Avatar
136 months ago
I ain't touch the Touch ID feature with a ten foot pole, buddy. I don't like the idea of impulse buying, which is why I disable in app purchases as a matter of course. We're gonna see a lot of people spending money they don't have because pay this way is just a but of bits flying around. You don't see your hard earned cash leaving your wallet.

The same can be said about debit cards. If you are a spender, you will spend. If you are not, you won't.
Score: 10 Votes (Like | Disagree)
osx11 Avatar
136 months ago
The same can be said about debit cards. If you are a spender, you will spend. If you are not, you won't.

I like the people who blame technology when, in reality, they have a spending and consumption problem. :cool:
Score: 4 Votes (Like | Disagree)
bmunge Avatar
136 months ago
I ain't touch the Touch ID feature with a ten foot pole, buddy. I don't like the idea of impulse buying, which is why I disable in app purchases as a matter of course. We're gonna see a lot of people spending money they don't have because pay this way is just a but of bits flying around. You don't see your hard earned cash leaving your wallet.

Do you have a credit card?
Score: 4 Votes (Like | Disagree)
Pakaku Avatar
136 months ago
Who said anything about impulse buying being Apple's fault? Credit cards, on-line payments, the speedy pass payment all makes it easier to impulse buy. You have kids? You'll know the kind of financial headaches they can cause if you don't lock down the their devices to prevent in app purchases. Ever let the Missus go shoe shopping alone with YOUR credit card? That's the fast track to the poor house, buddy.

Touch ID is the first thing I would disable. THAT is taking responsibility. Disabling in app purchasing. THAT is taking responsibility. Suffer on a shopping trip with the Missus to keep her spending in check. THAT, my friend, is what it takes to be a man.
I just have to say, this whole "missus" thing sounds really... I don't know. Chauvanistic? Whatever putting your wife on the same level as your kids equates to.

I also don't understand how TouchID = giving your card out to someone else.
Score: 3 Votes (Like | Disagree)
keysofanxiety Avatar
136 months ago
Its about freaking time, how about a TV that doesn't suck that crushes Xbox and PS4, and implements a better, more streamlined Youtube-like platform for user generated content while you're at it? Getting a little tired of defending single digit growth over here... Thanks.

I see you've had your morning glass of prune juice. Just relax, Apple will release whatever they need to when it's ready.
Score: 3 Votes (Like | Disagree)
Lapidus Avatar
136 months ago
Didn't see that coming..
Score: 3 Votes (Like | Disagree)