Apple mulling over mobile payment service for iDevices: Report

News has it that Apple now plans to test waters in the mobile payments system. According to a report by Bloomberg, with over than 400 million credit cards on file for its iTunes Store, the Cupertino Company is now mulling over expanding into mobile payments service. Similar mobile payment plans by Apple were earlier reported by the Wall Street Journal. The new report claims that the initiative for mobile payments system will be led by Eddy Cue, chief of the iTunes and App Store and online services. Along with him, executive Jennifer Bailey will also work on the project, disclosed an anonymous source who revealed that the news is still under wraps. By venturing in mobile payments, Apple could pave way to a newer revenue source, especially considering the increasing number of mobile transactions. Moreover, Chief Executive Officer Tim Cook looks to reignite growth as Apple hasn’t forayed into a new product category since the debut of the iPad in 2010. It should also be noted that the company’s latest iPhone 5s comes with a fingerprint scanner, adding further security to mobile transactions done using the iPhone. According to analysts, it further forks up opportunities to use the device to make purchases at stores. Analysts reportedly also say that the credit-card numbers on file through iTunes can be used for a system in which an iPhone could be used as a new digital credit card.