It was two years ago that we first heard about the possibility of Apple going into the mobile payment industry. The company had submitted a patent application for a payment service that would allow users to make purchases without needing to swipe a card, or even be close to a cash register. Thanks to Bluetooth technology, consumers could simply make a purchase in a retail store right from where they are standing.
In January, Apple hinted at its interest in mobile payments during its quarterly earnings call. CEO Tim Cook was quoted as saying ““The mobile payments area in general is one we’ve been intrigued with, it was one of the thoughts behind Touch ID.”