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Is Apple Cooking Up A Payments System?

Posted on Feb 13, 2012

Although the world has been waiting for the tech giant to make a splash in the payments industry, so far Apple has remained quiet.

But don't let the silence fool you; Apple may be up to something.

An article in Bank Technology News suggests that the company has been working on a payments system for some time now and will continue working quietly on something big.

Although Apple devices are not equipped with near-field communication technology, they are in a more flexible environment from a software perspective than traditional point of sale terminals, according to the article.

Also, Apple's devices are not customized for different carriers and have fewer hardware variations, which allows for a uniform experience across the entire product line. This is a more practical foundation for a payments system, experts say.

Thanks to technology by Square Inc., iPhones and iPads are already being used to process payments. And don't forget about iTunes.

The most compelling reason Apple may get into the mobile payments business is all the payment information it already has through their iTunes store, said a payments expert at US Dataworks. This is really powerful when it comes to storing and accessing payment account information in real time using a mobile device.

Source: Bank Technology News, February 2012