Apple is Reportedly Working on a Mobile Payments Service

Apple has been long rumoured to be entering the payment business. Apple has almost half a billion people registered with iTunes, hundreds of millions of credit cards on file. The company has learned to handle mobile transactions with the App Store and more recently, in 2012, Apple introduced Passbook into iOS. Douglas MacMillan and Daisuke Wakabayashi for the Wall Street Journal:

Eddy Cue, Apple's iTunes and App Store chief and a key lieutenant of Chief Executive Tim Cook, has met with industry executives to discuss Apple's interest in handling payments for physical goods and services on its devices, according to people familiar with the situation.

In another sign of the company's interest, Apple moved Jennifer Bailey, a longtime executive who was running its online stores, into a new role to build a payment business within the technology giant, three people with knowledge of the move said.

Companies like PayPal, Square, Stripe, Amazon, and Google have been trying to find the perfect solution for mobile payments for years. The sooner we can get rid of our wallets and use our smart devices to make transaction, the better.

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