Apple reportedly planning launch of own mobile payment system

Apple is said to be working on plans to launch its own mobile payment system, a move that would allow users to purchase goods and services using their Apple ID accounts.

With the Cupertino-based company said to be laying the groundwork for a mobile payment service launch, the Wall Street Journal has claimed that Apple will look to capitalise on the millions of existing iPhone and iPad users that already store their credit card details with the company.

With Apple said to be in discussions with additional technology companies and retailers over the proposed introduction of its mobile payment system, it has been suggested that the account that lets users seamlessly purchase apps, music and books from iTunes could be adapted to pay for in-store items.

If launched, the Apple mobile payment system would see users able to charge high street shopping trips or services such as a car MOT or eye test to their Apple ID account.

Highlighting the company’s high level of intent, it has been reported that Apple CEO Tim Cook has assigned the company’s Senior Vice President of Internet Software and Services, Eddy Cue to the project.

There is currently no word as to when Apple could be planning to roll out its mobile payment service, or if it will be exclusive to US residents at launch or be on the receiving end of a wider global release.