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Apple is ‘Serious’ About Moving into Payments

apple, payments, re/code, jennifer bailey

Apple isn’t aiming for the low-hanging fruit

Apple entering the payments space has been a tantalising prospect for many for a while now. It’s certainly something that would easily upset the status quo of the payments market. And, while we’ve not heard anything concrete on the matter of payments, except for an occasional teasing statement from Tim Cook, it looks as if Apple really are moving into the world of payments.

The latest piece of speculation comes from Re/Code who claim that Apple is now hiring for two new senior electronic payment positions.

Its sources claim that Apple’s eCommerce head Jennifer Bailey has met with candidates for the role and is leading the process.

One source was quoted as saying “[Apple's] ambitions are very, very serious.” Which, when you think about it, makes sense as they have around 600 million users with iTunes accounts, almost all of which are tied to a credit card or debit card. If Apple was to bring in a payments system or mobile wallet solution, it’d have a base of users who were already heavily invested in the Apple ecosystem.

It seems that Apple’s main goal – at least from a consumer perspective – is to make it easier for shoppers to buy physical products, apps, and online goods using their iOS device. It’s about creating a seamless service that draws payment information effortlessly from iTunes.

However, it’s unknown if this means bucking the current Apple model of avoiding NFC, instead opting to take up Apple’s iBeacon technology in conjunction with the 5s’ touch ID biometric scanner.

If Apple’s plan comes to fruition, it would see them squaring off against the likes of PayPal, Stripe, and Square as they all vie for a place in the mobile money market. Interestingly, it’ll also place them in direct competition with Google once again as they go up against Google Wallet. It’d also mean that both Apple and Google would become two of the largest payment platforms around, dwarfing that of PayPal by a huge margin.


[Image:  gspidermac - Flickr]

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