According to a recent report by the WSJ, Apple is working on a new mobile payment system that could take on popular payment services like PayPal, Square and more.
Apple already has hundreds of millions of users of the iPhone and iPad who have their credit card and payment details stored by the company, and this could be leveraged to launch a new mobile payment service.
The service could be used for more than just paying for Apple’s own products, at the moment you can purchase apps, music, movies and more from iTunes, and can make payments with your iTunes account on your mobile device in an Apple store or Apple’s online store.
Apple could give people the ability to purchase physical goods and services from other retailer on your iPhone or iPad using this new mobile payment system.
Apple would probably have this new mobile payment system set up as an extension of iTunes, which would allow the company to offer the service easily to their existing customers who are already using iTunes accounts.
As yet there are no details on when Apple may launch a new mobile payments system for the iPhone and iPad, as soon as we get some more information we will let you guys know.