Apple’s worst kept secret: Mobile payments

“Apple’s WWDC keynote went largely as expected, as the company announced iOS 7, iTunes Radio, and a new MacBook Air. Perhaps the biggest thing to come out of they keynote address, however, were the 575 million credit cards Apple has information on,” Chris Ciaccia writes for TheStreet.

“During the keynote address, CEO Tim Cook mentioned Apple has information on 575 million credit cards in its system, via iTunes and the App Store. That’s more than any other online retailer, and payments could be the next big area where Apple disrupts,” Ciaccia writes. “Apple having access to 575 million active accounts is significantly more than I wrote about just over a month ago, when I mentioned that Apple’s next big hit product could be payments.”

Ciaccia writes, “The 575 million account figure is also tracking higher than what Morgan Stanley analyst Katy Huberty pegs for year end (she puts the number at 600 million), noting it’s ‘the largest credit-card linked account base making it an obvious payments platform over time.’ She rates Apple ‘buy’ with a $540 price target… Perhaps we’ll find out if payments are indeed the next big thing for Apple once the next iPhone and iPad are released, and if Apple has ‘one more thing’ waiting.”

Read more in the full article here.

Related articles:
Apple granted key iWallet patent for mobile payment service – June 11, 2013
Forget iTV or iWatch: Apple’s next big thing is iWallet – May 10, 2013
Apple’s massive ‘iWallet’ advantage: Over half-billion active iTunes accounts linked to credit cards – April 5, 2013
Apple’s next-gen ‘iPhone 5S’ to feature fingerprint sensor, NFC-based ‘iWallet,’ sources say – March 11, 2013
Apple’s ‘iWallet’ coming this year? – February 20, 2013

22 Comments

    1. George W. Bush’s patriot act and NSA started this illegal practice and conyinued it even after it was exposed. Without the paryt of NO saying yes, congress will never get rid of it.

      1. George W. Bush’s patriot act and NSA started this illegal practice and continued it even after it was exposed. Without the party of NO saying yes, congress will never get rid of it.

      2. Their plan is working… Fight over who’s fault it is instead of noticing that its a problem and doing something to end it.

        Bush and Obama will go down as terrible Presidents. The People need to take their government back.

      1. know ya been busy, guess you’re still working on that apology to MDN for accusing them of deleting your post. Hey, seriously, please let me know when you have that prepared and ready to post, I’ll be glad to help your with proofreading.

    2. Everyone, the sooner we stop playing partisan politics — both parties, both administrations, are guilty as hell — the sooner we can get this mess fixed.

      If we’re mad about this, we’ll call a truce now and worry about throwing both Bush & Obama in jail another day.

  1. Yes but, in the meantime, can’t we allow their stock price to hover around $400 for another 6 months or so while the truly clueless futz around with Google and Amazon? This way Apple will be able to buy their stock back at basement prices for a little longer, which is a very good thing for Apple. Since they’re buying back based on a dollar amount, the more they’re able to buy, the higher their EPS will be when they’re done. I’m lovin’ it.

    1. I don’t own Apple stock outside of mutuals, but I can tell you this: I hope the powers at Apple never give a rat’s ass about the stock price. I hope they never spend one iota of energy or focus on Wall Street. I’ve seen too many companies go public only to find that they are no longer in the business of making great product, they are now slaves to the quarterly reports and daily stock price moves. Stay focused Apple.

  2. What Apple or we wanted is not important, But what Analysts and Wall Street wanted is more important who have all the power to drive AAPL up and down as their wishes.

  3. Actually what he said was 575 million accounts “most” with credit cards.

    That’s still plenty though. I watched the keynote once, saw that number was impressed, and moved on. Just wish a “journalist” would get the facts straight for once.

  4. This may be the biggest thing they do. For one, there will be a clear product differentiator between the low end and high end (in addition to build materials). Also, they will be a couple of years ahead of the competition. Hopefully, this is where all their focus is going. They better get their partnerships right, too.

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