Cupertino has apparently started laying groundwork for its new mobile payments service.

Apple primesense Apple reportedly developing a mobile payments service

This is the first time that it has been rumored that Apple might be thinking of entering into the mobile payments space. The company can very well leverage its existing user base of millions of iTunes users that already use their credit cards to purchase content liks music, movies, books and applications. Launching a service of its own would pit Apple against established competitors such as PayPal and Square, but its not like Apple hasn’t ventured into a highly competitive territory before.

According to The Wall Street Journal, a key aide of CEO Tim Cook has met with industry executives alongside iTunes and App Store chief Eddy Cue to discuss Apple’s intentions of handling payments for physical goods as well as services on its devices. People with knowledge of the matter are cited, claiming that Apple has also appointed its longtime executive Jennifer Bailey to play a vital part in the development of this new payments service. Bailey was previously tasked with running the online stores.

Apple declined to comment, while Jennifer Bailey was not available for a comment. The company hasn’t hinted about its intentions of entering the mobile payments space, so only time will tell if there’s any weight to these rumors.

Source: WSJ