News fresh out of Re/code has today revealed that Apple has very serious plans to build and expand its own electronic payments business.
According to reports, Jennifer Bailey, Apple’s head of e-commerce has been interviewing candidates for two positions at the head of product and business development. Sources purport that Apple is planning on building a lucrative business model based around the substantial database of credit cards that it already has registered by users with iTunes accounts. Apple apparently has “very, very serious” plans to build on its iTunes payment accounts database and make it easier for shoppers to make purchases and transactions through apps and the web using Apple devices, with plans to possibly extend this to physical retail stores as well.
At Apple’s last earnings call, CEO Tim cook made it very clear that it had plans to expand innovation towards financial transactions saying, particularly focused on Touch ID.
“We’re seeing that people love being able to buy content, whether it’s music or movies or books, from their iPhone, using Touch ID,…It’s incredibly simple and easy and elegant. And it’s clear that there’s a lot of opportunity there. The mobile payments area in general is one that we’ve been intrigued with, and that was one of the thoughts behind the Touch ID. But we’re not limiting ourselves just to that.”
Without a doubt, Apple is very interested in the initial platform it has acquired through its iTunes service. With millions of customers already well disposed towards sharing financial information with Apple, it makes perfect sense that Apple might try to capitalise on this by creating a system that would allow users to make more purchases and transactions electronically, online and physically, with the incredible security and ease of use that Apple so wonderfully provides.
It seems certain that Apple will make a push into this market in the near future, but it really remains to be seen how this will materialise practically. How would you like to see Apple innovate in the area of mobile transactions and payments? Leave your thoughts and comments below!