“Apple Inc., which has more than 400 million credit cards on file with its iTunes Store, is exploring an expansion of the mobile-payments system, said a person with knowledge of the matter,” Adam Satariano reports for Bloomberg.

“The initiative is being led by Eddy Cue, chief of the iTunes and App Store and online services, and he has tapped executive Jennifer Bailey for the effort, said the person, who asked not to be identified because the information isn’t public,” Satariano reports. “The timing of the payments effort isn’t clear, said the person.”

“The move would expand Apple’s reach into a competitive online payments field and potentially give it a new revenue source,” Satariano reports. “The credit-card numbers on file through iTunes could also be leveraged for a system in which an iPhone could be used as a new digital credit card, analysts have said.”

Read more in the full article here.

MacDailyNews Note: Apple publicly stated 500 million credit card accounts on file via iTunes Store back in June. Using estimated growth rates, Apple most likely has over 600 million credit cards on file currently, not 450 million.

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