After Apple introduced Passbook, many have been wondering when the company would enter the mobile payments realm, according to TMF.
The rumors first started early this year when The Wall Street Journal published an article about the possibility. The article stated that the head of Apple's iTunes and App Store, Eddy Cue, had met with outsiders regarding the possibility of Apple processing payments for physical goods on its devices.
At this time it is still unclear just how interested Apple is in developing a mobile wallet. In the past, Apple executives expressed concerns about consumer backlash if problems with merchants arose.
However, a viable alternative would be for Apple to position itself as a direct competitor to eBay's PayPal. There have been talks with industry executives, to which The WSJ referred, partnering with retailers and other vendors, much as PayPal has done with big-box stores and other retailers. In addition to these discussions, Apple has tapped one of its own executives to create a payments division within the company.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.