Apple reportedly working on mobile payment service

The service would allow you to pay for goods from iOS devices

Reports suggest that Apple is planning to launch its own payment service so iPhone and iPad users can pay for goods with their iTunes accounts.

According to the Wall Street Journal, Apple is planning to launch its own payment service placing it against rival services such as PayPal and Google Wallet.

The report claims to have moved Jennifer Bailey, an executive who once ran Apple online stores, to direct and build the payment service.

Senior Vice President of Internet Software and Service, Eddy Cue, is said to be meeting with industry executives in retail and commerce to prepare the market for the Apple entry.

The service has huge potential with such a massive customer base already, with 575 million active Apple ID accounts compared to PayPal’s current 137 million accounts.

Apple could quite easily transition its customers onto the mobile payment service.

Apple launched Passbook in 2012, an iOS app that allows users to store important information such as boarding passes, store cards, tickets and other forms of payment.

The payment service however will allow users to pay for anything with their iPhone and iPad, charging the payment to their registered iTunes Accounts.

Unsurprisingly, Apple is yet to comment on the rumour.