Tomahawk, WI 01/27/2014 (BasicsMedia) – Apple Inc (NASDAQ:AAPL) is considering expansion in the available means for mobile payments. With the present record of around 400 million credit cards in its iTunes Store, the company is mulling over alternative ways of payments, as reported by a person with direct knowledge on the matter.

Apple Inc (NASDAQ:AAPL)’s new venture is being headed by Eddy Cue, the iTunes and App Store chief. Cue, who also heads the company’s online services, has called in executive Jennifer Bailey in an effort to further the project. The information is however not made public as of now. Also, the precise timings of the payments are unknown, as informed by someone having knowledge of the issue, but requested to stay anonymous, because of the confidentiality of the matter. These plans were also earlier informed by the Wall Street Journal although the representatives from the company remain unavailable for comments.

CEO seeks growth acceleration

Apple Inc (NASDAQ:AAPL)’s Chief Executive Officer Tim Cook is now on a spree to set off re-growth in his company. With this step, he would help the Cupertino, California based company to create a potentially new revenue generating source. This is possible as expanding the mobile payments systems would mean climbing a step ahead in the competitive online payments field.

This could be something that the world’s second largest information technology company as also the world’s third largest mobile phone manufacturer has not been seen doing since 2010. For the past three years, Apple has not come up with any innovative product category. In 2010, this designer and developer of consumer electronic products had launched its iPad tablet. Since then, the sales growth has decelerated and profit at the company have declined.

iPhone 5s: Future’s credit card?

In 2013, Apple Inc (NASDAQ:AAPL) had launched the iPhone 5s, an upgraded smartphone with the fingerprint sensor as a new feature in it. This feature had attracted customers and had led the company more prospects for probable sales at stores, according to technology analysts. Through this technology, the user identification could be recognized as he tried to access the iTunes or the Apple Inc (NASDAQ:AAPL)’s App Store. Every time the user wanted to make a purchase at either two, he could easily do so with the help of the device’s fingerprint technology feature. This is only an initial use that they have made available for the technology as of now. However, analysts have come up with the idea that the credit card numbers on file through iTunes could in future be used to control a system whereby the iPhone could act as the users’ new digital credit card.

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