Apple Inc. (NASDAQ:AAPL) may not have shown off all of its software potential at this year’s WWDC. The company’s developer conference is usually a time to show the heart of its software efforts, but sometimes a little something is saved for later in the year. The iPhone 6 is apparently going to be replete with iWallet, a payment app that might change the way Apple does business forever.
According to a report from The Information, Apple Inc. (NASDAQ:AAPL) is looking to launch a competitor to payments processing applications from companies like Google Inc (NASDAQ:GOOG) and eBay Inc. (NASDAQ:EBAY) as early as this Fall. As we found out when Apple released its most recent earnings report, the iPhone 6 is set to arrive before September 27, meaning it could be the first device with Apple payment capabilities.
Apple speaks to industry about iWallet
According to the report, which sourced “several people briefed on the talks” Apple Inc. (NASDAQ:AAPL) is currently in talks with industry insiders in an effort to set up its own Google Wallet competitor. The report said that the company was looking to get its iWallet service into the hands of consumers sooner rather than later, with date of no later than this Fall forming part of the center of the report.
According to the piece “Apple has told some partners its system would involve a so-called secured element in the phones—a piece of hardware where sensitive information such as a phone owner’s financial credentials can be stored. The company also aims to run the system without giving up any control to wireless carriers.” The company’s fingerprint reader is rumored to use such a solution, and would likely be incorporated into any iWallet service.
Rumors of an Apple Inc. (NASDAQ:AAPL) payment service have long been circulating, and there’s no certainty that the company is going to go for such a business right now. With a look at how the other firms in the area are failing, and the hardware capabilities present in the presumed iPhone 6, now might be the perfect time to get into payments. iWallet is certainly something analysts want to see.
Apple e-commerce becomes e-payments
Apple Inc. (NASDAQ:AAPL) is already one of the biggest companies in e-commerce, and the company’s burgeoning sales in the app store, along with its ability to sell its own phones in the millions through its website, show that it is adept at handling customer money and credit card details. That means that the firm already has a market out there that trusts it with its cash.
Under the presumption that Apple Inc. (NASDAQ:AAPL) makes it easier, and possibly cooler, to pay at physical cash points with one’s iPhone 6, the company could have a big future in payments processing. Apple is never, of course, going to take the whole market as Android phones will remain the biggest sellers, but the company could take the premium end of the market which, as app store sales demonstrate, is really the most important.