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Apple Preparing for Serious Move into Mobile Payments Market

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Rumours are piling upon rumours that Apple is preparing a big move into the mobile payments market.

The company has long been expected to do so, and has for the past couple of years surprised with the lack of an NFC chip in its annual iPhone update.

Citing anonymous sources, Re/code reports that Apple is looking to hire a team of senior managers to head up its mobile payments business.

"Their ambitions are very, very serious," one of the sources told Re/code.

However, the exact aim of their ambitions is still unclear with speculation ranging from a full NFC based mobile payments service tied into an iTunes account to a possibly smaller launch backed by PayPal.

The company has around 600 million iTunes accounts, with the majority linked to a credit card for payment. If Apple were to move into that market, it could be a threat to the mobile networks own ambitions to build up their carrier billing and mobile wallet services.

On the web: Re/code

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Tags: apple  mobile payments