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Apple is readying its own mobile payment service, it has emerged, amid reports that the tech giant is actively speaking with industry executives in the field.

According to inside sources cited by the Wall Street Journal, Apple has promoted its former online store boss, Jennifer Bailey, to a new role in which she’ll oversee the creation and roll-out of the service.

While specifics remain unclear, it’s believed that Apple is desperate to use the vast number of credit card details stored on the iTunes store to enable iPhone users to pay for goods using their handsets.

A recently revealed patent for a wireless receiver that uses a signal from an iPhone to facilitate payments may point to what Apple has in mind. However, it’s unlikely we’ll see any such plans in the near future.

Apple already offers customers the chance to pay for small ticket items in its own stores via its dedicated Apple Store app. Its wireless iBeacons technology is also used for wireless sales in its shops.

Mobile payments have struggled for mainstream take-up in recent years. O2 has shuttered its wallet service and Google’s attempts to develop its own system have been largely limited.

With its vast user base across iPhone and iTunes, Apple will be hoping a single sign–on mobile payment service will help it win out where others have failed.

Source WSJ

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