Haute 100 SF Update: Tim Cook Hints Mobile Payment System Could Launch with iPhone 6

Apple CEO Tim Cook has dropped a hint that Apple is looking at a mobile payments system using the upcoming iPhone 6 as a possible launch platform.

Time Magazine reported that Cook hinted to investors on the company’s earning’s call, “You can tell by looking at the demographics of our customers and the amount of commerce that goes through iOS devices…that it’s a big opportunity on the platform”.

Like Google Now and other Near Field Communications-dependent rival systems, Apple’s effort would purportedly combine a wireless receiver installed on retailers’ premises and an app on smartphones. Apple already has millions of credit card details on file, in order to process app and in-app purchases through its App Store and iTunes, which already makes Apple one of the biggest mobile payment companies on the planet. The next step would be to take payments out of Apple’s ecosystem and open them up so that mobile can be used to pay for real-world goods.

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[Source: au.ibtimes.com; expertreviews.co.uk; uswitch.com]