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January 27, 2014

Apple working on mobile payment system

Aimed at facilitating users to pay for physical goods using iOS devices via their iTunes accounts.

By CBR Staff Writer

Apple is reportedly working on its own mobile-payments service, leveraging its increasing iPhone and iPad user base, taking an aim at similar services offered by eBay’s PayPal unit, Google and startups including Square and Stripe.

Expected to allow users to pay for physical goods using iOS devices via their iTunes accounts, the latest move would also facilitate users even to do transactions with third-party retailers and service providers.

Citing reports, the Wall Street Journal reported that Apple iTunes and App Store chief Eddy Cue is in talks with retail and commerce industry executives to consider iPhone maker’s interest in dealing with payments for physical goods and services via its devices.

In addition, the iPhone maker has also moved a senior retail executive from its online operations into a new unit formed to build a payments business.

A recent report from Distimo revealed that the average daily combined spending on the 200 highest revenue generating apps on Apple’s App Store rose from $15m to $18m, while the revenue generated via in-app purchases through apps that were earlier offered for free in the Apple App Store reached 92% for premium services.

The company planning to foray into mobile payment as it celebrates 2014 as the 30th anniversary of the Apple’s Macintosh pc.

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