Monday April 21, 2014 12:27 pm PDT by Juli Clover
Apple is continuing with its plans to introduce a mobile payments service and has began interviewing senior payments industry executives to take on roles within the company, reports Re/code.
Apple is looking to fill two new positions, focused on building an electronic payment service based on the company's existing iTunes accounts. Millions of customers have personal accounts that already store credit card information, allowing them to make purchases within the Apple Store app, in retail stores, and through iTunes. Apple hopes to expand this to third-party avenues as well, both online and at retail locations.
The company has been meeting with potential applicants for two new positions at Apple focused exclusively on building a business around the hundreds of millions of credit cards it already has on file. Apple is seeking to fill head of product and head of business development positions, one of these people said.
Apple plans on using the 600 million credit and debit cards that they have on file from iTunes, and have those customers purchase via their iPhones. Just like Square, Apple will only use V and MA and Discover and AMEX cards.
Separately, slightly more than 50% of all PayPal transactions are charged/debited to a Visa card (