Apple wants to replace yet another daily tool with your iPhone: your wallet.
Executives from the Cupertino-based technology company have begun discussions with directors from retail store chains about a mobile payments service, according to a source with direct knowledge of the talks. Previous reports indicated that Apple is exploring new payments services through discussions with executives from existing payments companies. These latest mobile payments-related discussions, which have occurred with retail store brands such as those that sell luxury clothing and premium goods, have taken place over the past couple of months, according to the source. The source declined to be named and requested that the identities of the companies talking to Apple not be published.
The Apple mobile payments service would be integrated into iOS Devices such as the iPhone and would be a comprehensive solution that would allow an iPhone user to leverage their device as a form of payment in retail stores. Based on information from various people briefed on the matter, the service would tie directly to iTunes accounts. Apple Senior Vice President Eddy Cue noted last night that Apple has 800 million iTunes accounts with credit cards, and that this arsenal opens up the door for many future products and services. Apple CEO Tim Cook previously hinted that the iPhone’s Touch ID fingerprint identity sensor could someday be leveraged for mobile payment purposes beyond the existing iTunes and App Stores…