Apple reportedly creating service for mobile payments

A new report from the Wall Street Journal claims that Apple is hoping to penetrate the mobile payment arena to help customers who use their credit cards to pay for items on iTunes. Jennifer Bailey, an Apple executive that works on the company’s online stores, is supposedly developing the service at the moment. Meanwhile, iTunes and App Store head Eddy Cue and a “key lieutenant” of CEO Tim Cook are meeting with industry executives to discuss this possible new venture. How this will affect the existing mobile payment industry or compete against the other services is yet to be seen.