Apple to Expand Mobile Payment Space

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In order to make its payment services more available to clients at a more convenient time, Apple is currently expanding its mobile payment space.

According to the company?s senior vice-president, Eddy cue, the company has recently discussed among its industry executive how to handle payments for its services and physical goods more effectively, according to the Wall Street Journal.

One of Apple?s top executives, Jennifer Bailey, has been promoted from her task of running the company?s online store to the company?s new payment business.

Mobile Payment Trend

There can be no doubt that currently, companies are pushing in to make payment schemes more mobile, lessening the bother that consumers have to go through in order to pay their monthly bills. Online companies such as PayPal, Square and Stripe all make it easier for consumers to pay for any bills that may come in their post. From groceries to salaries, from gadget installment payments to overhead expenses, all of this can now be paid with just a swipe at your phone/computer.

Apple?s Initiative

Apple likewise sells all sorts of items over the internet. For instance, it can sell over billions of dollars worth of apps, music, books and movies through the company?s iTunes.

Various physical goods such as iPhones and iPads can also be ordered via the internet, where Apple draws in a lucrative profit by allowing its consumers to pre-order any of their upcoming gadgets.

However, aside from allowing their consumers to pay through their iPhones in their Apple retail stores, there hasn?t been much development in the company?s payment scheme. This makes Apple want to extend its clout in the digital realm. Once Apple does so, it projects that it can instantly become a major player in the digital payment field?all thanks to its huge number of iTunes customers and subscribers.

575 Million and Counting

Apple stated that in 2013, it has an estimated 575 million iTunes accounts that are active and are continually availing of Apple?s media. The company stated that most of its users have registered credit cards.

The company?s feature app, Passbook (introduced in iOS 6) allows users to put in loyalty cards, coupons and event tickets in their phones. For Apple, this is a step in the right direction as it only needs to expand further in order to make such a feature available for payments to their products.

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