Apple to Build Mobile-Payments / by Gavin Lau


Eddy Cue, the company's senior vice-president of Internet software and services, has met with "industry executives" to discuss Apple's role in handling payments for physical goods and services, The Wall Street Journal reported. The mobile-payments space is hot, with companies such as Square, PayPal and Stripe all working to make it easier for users to pay for physical goods with their phones.

Apple sells billions of dollars worth of movies, music, books and apps through iTunes. Still, aside from allowing customers at Apple retail stores to scan and pay for physical items inside the store via an iPhone, Apple hasn't extended its payments ecosystem outside of the digital realm.

That doesn't mean the company could't instantly become a major player in the mobile-payments space overnight, thanks to its absolutely huge iTunes customer base.