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.)