Apple Continues Pursuing Mobile Payment Solution, Seeking to Hire Industry Executives

applestore.pngApple is continuing with its plans to introduce a mobile payments service and has began interviewing senior payments industry executives to take on roles within the company, reports Re/code.

Apple is looking to fill two new positions, focused on building an electronic payment service based on the company's existing iTunes accounts. Millions of customers have personal accounts that already store credit card information, allowing them to make purchases within the Apple Store app, in retail stores, and through iTunes. Apple hopes to expand this to third-party avenues as well, both online and at retail locations.

The company has been meeting with potential applicants for two new positions at Apple focused exclusively on building a business around the hundreds of millions of credit cards it already has on file. Apple is seeking to fill head of product and head of business development positions, one of these people said.

"Their ambitions are very, very serious," one of the sources said.

Apple's interest in the mobile payment arena has been rumored for years but gained renewed attention in early 2014, when The Wall Street Journal announced the company was working on a new mobile payment service, hoping to allow people to use their iOS devices to make purchases for physical goods in apps and on the web as well as in retail stores using payment info stored in iTunes accounts.

Apple has also been in talks with Paypal about a possible partnership and reportedly mulled an acquisition of mobile payments company Square, though it appears an acquisition did not pan out.

The company's mobile payment system will possibly be tied to Touch ID, the fingerprint scanning home button built into the iPhone 5s and reportedly slated for the upcoming iPhone 6 and future iPads. Apple CEO Tim Cook said in January that mobile payments were "one of the thoughts" behind Touch ID. He has also said that Apple is "intrigued" with mobile payments and noted there's a "big opportunity on the platform."

Apple has promised new hardware, software, and services across 2014, and it's possible that a mobile payment solution could come later this year, though a set date is unclear as the company is clearly still in the hiring stages.

Related Roundup: Apple Pay

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Top Rated Comments

Dulcimer Avatar
155 months ago
How will this differ from using Paypal on a mobile?
You won't have to deal with Paypal.
Score: 19 Votes (Like | Disagree)
155 months ago
To buy groceries or widgets or something, you rest your thumb on the Home button, and.. you're done.

Think of it like this. Walk into a grocery store, you can check in via iBeacon. Why check in? Well, bring up your grocery list, or their deals/coupons, your previous purchases, stock, etc. Once you're done, you get in the checkout line, say line 13. You click line 13 on your phone, once the cashier is done scanning, you rest your thumb on the home button, and you're done.

--

What I am surprised at is Apple hasn't built their retail store around this type of a concept, b/c I think it would be really nifty. Walk into an Apple Store and check in. Once checked in, you can make purchases, line up for help, browse products, get deals. Have all their in store devices connected on this system so prospective buyers can also line up. If you need assistance, you just get in line via the app. When a genius is ready to help, he pings you with a location (i.e. by the iPads), and maybe his profile pops up so you know who you're looking for. So it gives you an ETA so you can go play, go get a coffee, whatever.

If you're there to make a simple purchase, you go inside, buy on phone, and a genius brings it out to you, much like how their Apple Store app works now, except you have to go get in line and verify your identity.

Why would this be good? Well, Apple Store has a lot of traffic. People will want to be on that cool system too! Instead of awkwardly walking the store for a genius, just get in line via the app. Brand the whole system, and sell it to other retail stores. For clothing store, looking for a specific size or to try something on? Ping an employee using this retail system. Sitting down at Sbux and want to buy a latte, buy through the app and pick it up when its done.

This would all be made simple b/c of Apple's iBeacon technology. And who benefits the most? Small startup retail stores. Go in, check in on social media and get a daily deal! Apple would also benefit, everyone would 'want' to be on Apple's retail system, using Apple devices.

End of rant that went on a huge tangent.
Score: 6 Votes (Like | Disagree)
decimortis Avatar
155 months ago
Pun intended in the heading? ;)

D.
Score: 6 Votes (Like | Disagree)
taptic Avatar
155 months ago
Oh, please. Not PayPal... the only pal they are is the one that always needs to borrow money indefinitely.
Score: 5 Votes (Like | Disagree)
155 months ago
Meaning they haven't done anything yet. Expect rumors for the next 5 years.
Score: 3 Votes (Like | Disagree)
tdtran1025 Avatar
155 months ago
How will this differ from using Paypal on a mobile?

Apple takes the commission fee instead of Paypal; billion $ business.
Score: 3 Votes (Like | Disagree)