Tag: iphone payments

Apple appears to be making considerable steps toward smartphone based payments.

Patents, reports, and rumors are coming together to provide a continually increasing body of evident that suggests that the iPhone 6, which is expected to be released this fall, will include a mobile wallet to allow owners to be able to use their smartphones to pay for purchases.

This will make Apple a rather late entrant into the mobile payments market space.

Despite this fact, a mobile wallet in an i-device is likely to have a massive impact on the small but growing trend. Many people believe that this is the addition required to bring mobile payments into the mainstream. This may also help to encourage increased use of struggling services such as Isis and Google Wallet.

More evidence of a possible iPhone 6 mobile wallet was generated by Apple’s talks with Visa.

Reports have now been published that have indicated that Apple has entered into discussions with Visa as well as a number of other credit card companies regarding the creation of mobile payments partnerships.

If the electronics giant does go ahead with this technology, it would mean that users of its smartphones would be able to use their devices to be able to complete mobile transactions. Therefore, even when purchasing physical goods in brick and mortar retail stores, they will still be able to pay at the checkout counter using the device instead of a credit card.

At the same time a digital wallet would also give the upcoming iPhone’s users the opportunity to use that same type of transaction to pay for products that they purchase online and in apps. This would convert the smartphone into a direct connection to credit card companies for making payments. This could help consumers and retailers, alike, in being able to save money by avoiding the third party transaction processing fees that are paid in traditional credit card based purchases.

The main focus for Apple mobile wallets would be on security, as the company has reportedly added a secure hardware element to their upcoming devices, though it is unknown whether that will be based upon NFC technology or another option altogether.

The company has been building its workforce for a massive effort it will be making in this sector.

While Android smartphone owners have had the opportunity to use mobile payments for some time now, iPhone owners have not yet have that privilege – although that could be changing very soon.

Apple has reported started interviewing candidates for senior level positions for just this type of service.

The new hires will allegedly be responsible for creating an iTunes supported mobile payments business for Apple. According to Jennifer Bailey, an executive from Apple who was once responsible for the online stores at the company, they have recently been meeting up with “senior payments industry executives.” The purpose is to encourage them to become a part of the iPhone team in order to be a part of the company’s new initiative.

It looks as though the company is going to be making a large mobile payments push in the not too distant future.

There are two positions that Apple is working hard to fill at the moment, both of which are the type that are typically considered to be central for the early stages of the development of a new product. They are the head of business development and head of product positions.

Rumors of a smartphone based payments system is nothing new to Apple. It has been part of the rumor mill since before Google even started trying its Wallet app in its pilot programs. However, earlier this year, the company started to show more signs that it is taking the effort much more seriously and a report was drawn up that showed that the company has been “laying the groundwork” for this type of service.

In fact, for a while, it looked like it would be Bailey who would be spearheading the Apple mobile payments project. It also looked as though the company would be working in partnership with PayPal in order to provide these services. A report from Monday showed that talks with PayPal have been continuing until as recently as March. That company had previously been believed to be willing to work with Apple in order to establish significant parts of its fraud prevention infrastructure.