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Apple CEO confirms company is looking into mobile payments

Apple CEO confirms company is looking into mobile payments

By Rohan Swamy | Updated: 28 January 2014 17:30 IST

Apple CEO, Tim Cook, on Monday confirmed that the Cupertino giant, was looking into a mobile payments system of its own. It was earlier reported that Jennifer Bailey, online store executive, had been tasked with setting it all up.

During the conference call with analysts on Monday, Cook, who chose to answer a question about mobile payments, said that Apple had always been fascinated with the mobile payment domain, and that it was also one of the main reasons as to why the Touch ID fingerprint scanner was introduced with the iPhone 5s.

While nothing is confirmed yet, as Cook explicitly stated that he had nothing to announce, he did give away a small hint. He said, "(Mobile payments) we've been intrigued with, and that was one of the thoughts behind Touch ID. So I don't have anything specific to announce today, but you can tell by looking at the demographics of our customers, and the amount of commerce that goes through iOS devices versus the competition, that it's a big opportunity for the platform."

In addition there have been rumours regarding the iWatch wearable device that Apple has been said to working on. During the call, there was a further hint given about it by Corporate Controller Luca Maestri. He said that Apple is investing in 'areas that are not visible', to which Cook further added that Apple is working on things that are not shipping currently. 'Things you cannot see today," he said.

Industry analysts say that it could most definitely hint at the iWatch, but it is more speculative than anything else. Apple has been known to keep its products and development well under wraps so it could be anybody's guessing game, when it comes to deriving the truth behind his words.

All said and done, it looks very plausible that Apple might make an announcement regarding these rumours in the coming future

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