Rumor has it that eBay owned PayPal wants Apple to bring it on board as a partner for its new mobile payments service.

PayPal

Earlier this week it was rumored that Apple is working on a new mobile payments service, the company is said to have made up its mind about facilitating purchase of physical goods through its mobile devices. The iPhone is believed to be the focal point of this new service, which would presumably leverage millions of existing customers who already purchase virtual content through Apple, content like music, movies, TV shows, books and applications. It was also said that top Apple executives have started meeting with industry executives to discuss the company’s plans.

Re/code claims to have heard from three payments industry executives that PayPal has been pitching Apple to bring it onboard as a partner. Moreover, PayPal is apparently willing to white-label its part of the service, working away in the background on things such as fraud detection, infrastructure and even payments processing. Two of these executives believe that its unlikely Apple will feel the need to join forces with PayPal, but its too soon to rule out the possibility at this point in time.

Time and again it has been rumored that Apple has its sights set on the mobile payments industry, with some even viewing the Touch ID fingerprint scanner on iPhone 5S as a gateway into an improved payments experience through the mobile device. The company itself has hinted that it could play a much bigger part in the future, but it hasn’t said anything about a new mobile payments service just yet.

Source: re/code