Apple may launch it's own mobile payment system : Report

There is a good possibility that in the near future, consumers can use their iTunes account to pay for the white top bought from their favorite shop or perhaps for a car rental. With more than 530 million iPhones and iPads in the hands of consumers and hundreds of millions of credit card accounts on file, Apple is in a good position to explore mobile payment systems and allow its customers to pay for physical goods and other services.

According to a Friday report on The Wall Street Journal, Apple’s iTunes and App Store chief, Eddy Cue, “has met with industry executives to discuss Apple’s interest in handling payments for physical goods and services on its devices.”

The publication goes on to say that Apple recently promoted Jennifer Bailey, an exec that was previously in charge of its online shops, to a new job focused on building a mobile payment business.

Using your phone to pay for physical goods isn't a new concept, as solutions like Google Wallet have existed for a couple of years now. So far we've yet to really see mobile payments gain a significant amount of traction, but the functionality has slowly been gaining acceptance with consumers.

With its various online properties, like iTunes and the Online Apple Store, Apple would have a huge installed customer base if it were to roll out a payments system. The sheer volume of credit cards on file would go a long way in convincing retailers to adopt an Apple-branded solution.

While Apple's methodology calls for a "go slow" approach, Over the past months, the company has been quietly laying groundwork that is quickly advancing toward a final solution. Passbook was released for iOS as a built-in app, though the software's functionality is currently limited to gift card, coupon and ticket redemption.