iPhone Authors: Yeshim Deniz, Matthew Lobas, Kevin Benedict, Shelly Palmer

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Report: Apple May Enter the Mobile Payments Business

AppleApple has already laid the groundwork for a strong mobile payments service. The Cupertino-based tech giant has sold well over 500 million iPhones and iPads to date. The company has hundreds of millions of credit cards on file for its iTunes stores. If you own an iPhone 5S, it can use your fingerprint to confirm purchases. With iBeacon, it can even determine where you are inside a store. Now Apple may tie those elements together to challenge companies like PayPal, Square, and Stripe in the mobile payments business. App Store chief Eddy Cue has met with numerous payments executives to discuss the company’s interest in building a payments business for physical goods and services, according to the Wall Street Journal. Apple is said to have met with at least five payments industry executives but reportedly tapped Jennifer Bailey, head of the company’s online store, to build the new business.

Read the full story at VentureBeat.

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More Stories By Shelly Palmer

Shelly Palmer is the host of NBC Universal’s Live Digital with Shelly Palmer, a weekly half-hour television show about living and working in a digital world. He is Fox 5′s (WNYW-TV New York) Tech Expert and the host of United Stations Radio Network’s, MediaBytes, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment.