Could Apple buy Square to accelerate its mobile payment plans?

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Re/code is reporting that both Apple and Google have considered making acquisition offers for payments company Square, with CEO Jack Dorsey said to favor a sale to Apple.

In the last year, both Apple and Google have considered making acquisition offers for Square, according to industry sources familiar with the situation [...]

[Dorsey] believes, sources said, that his company’s design aesthetic and values match up much more closely with Apple than Google …

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Venmo update brings the simplicity of AirDrop to mobile payments

Mobile payment app Venmo received a big update today that introduces a new way to quickly send money to nearby friends. It works just as easily as Apple’s AirDrop sharing system. The app uses Bluetooth to detect nearby Venmo users and lists them above your recent payment recipients when sending money.

While some apps make the process of sending money relatively quick, Venmo has the added benefit of making it easy to pay people around you without needing to enter any contact details at all, even if you’ve never met them before. The only catch is that both parties need to be using Venmo for the feature to work.

Venmo is available for free on the iOS App Store.

Tim Cook as good as confirms mobile payment via Touch ID on the way

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When Touch ID was first rumored, there had been much speculation about whether the iPhone 5s would act as an electronic wallet, with payments to retailers authorized by fingerprint. While that hasn’t yet happened, it does now seem clear that it’s on the way.

Asked about mobile payments during yesterday’s earnings call, CEO Tim Cook gave what is, in Apple terms, a surprisingly direct response.

The mobile payments area in general is one we’ve been intrigued with. It was one of the thoughts behind Touch ID [...] it’s a big opportunity …  Read more

Why Touch ID is bigger news than any of us appreciated

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Touch ID is far, far more important than most people have realised – the core message behind a Quora post by the CEO of a card payment service. We can expect to learn far more “in the next few months, and that’s likely to eventually include both Touch ID Macs and use of the fingerprint system for mobile payments.

In the torrent of the billions of words already written about Touch ID very, very few people have really understood just how revolutionary this really is.  Apple not only has developed one of the most accurate mass produced biometric security devices, they have also solved critical problems with how the data from this device will be encrypted, stored and secured.

Brian Roemmele, CEO of 1st American Card Service, said that Apple’s attempt to solve the problem of how to develop a truly secure access system goes all the way back to a patent application in 2008, but it was only through the A7 chip – specifically created by ARM with mobile payment security in mind – that the company finally had a gold-standard solution. And its applications will go far beyond iPhone unlock and iTunes purchases …  Read more