Apple said to be building an electronic payment business, interviewing experienced candidates now

Mobile payments

Apple has long been rumored to be exploring building their own payments system, and according to a recent report they're looking to bring on senior executives from the payments industry to make it happen. With hundreds of millions of credit cards on file for iTunes, Apple already has a massive built-in base of potential users. According to Re/code, Apple's e-commerce head Jennifer Baily has been meeting with potential candidates.

The company has been meeting with potential applicants for two new positions at Apple focused exclusively on building a business around the hundreds of millions of credit cards it already has on file. Apple is seeking to fill head of product and head of business development positions, one of these people said.

Where Apple's current payments system is purely for iTunes and App Store purchases, Apple is reported to be exploring how to extend the purchasing power of their customers into the real world and the web. Apple's interest in the area has extended to Square and PayPal, though neither have a concrete commitment at this time. PayPal has, however, secured a partnership with Samsung for the new Samsung Galaxy S5 (you should read Android Central's review — this is the phone that's going to cause the most trouble for the iPhone 6.)

Source: Re/code

Derek Kessler

Managing Editor of Mobile Nations, Army musician, armchair pundit, and professional ranter.

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Apple said to be building an electronic payment business, interviewing experienced candidates now

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Until they get their fraud problem fixed, I see this as a bad thing. I had charges on my credit card by iTunes that I did not make. Apple did help me. They refunded the charges, and advised that someone had used my card to create a new iTunes account. I had to cancel the card, and get another one. Apple has a long history of this kind of problem. Even with all the checks in place now, it is still happening. I have two step verification, but on small charges, it just goes through without forcing the two step, and in my settings it clearly states two step. Way too many bugs to have their own payment system.