Apple might enter mobile payment business using Touch ID

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Could Apple be on the verge of competing with PayPal in the online payment market? It is possible after company CEO Tim Cook, stated that one of the reasons behind Touch ID has a lot to with mobile payments. It would make perfect sense to use the Touch ID system for payment transactions due to the high level of security it brings to the table. However, one should not expect Apple’s mobile payment solution to unseat PayPal from the throne, as the service would likely be exclusive to Apple platforms.

Mobile payment is a lucrative area of business and Tim Cook realizes this. He suggested that it’s an area investors would be foolish enough not to dabble in.

“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 on the platform,” he said.

While it is wise to enter the mobile payment field with Touch ID at the helm, Apple should seek out other payment solutions where Touch ID can strive. The company needs to partner with stores across the U.S. to support an in-store Touch ID system. That would really do some wonders and put PayPal on edge.

I’m sure many of you hate PayPal just as much as I. But it’s not like we can go anywhere else, because security is a deep concern and PayPal provides that. Can’t say the same for other competing services.

[via The Verge]

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