PayPal, Square to work with with Apple on ‘iWallet’ mobile payments, sources say

“Sources tell Bank Innovation that Square and PayPal have been aware of Apple’s plan to enter the mobile payments space and have made plans accordingly,” Ian Kar reports for Bank Innovations. “”

“Based on conversations with experts in financial services and technology industries, it looks like Square and PayPal will be a part of Apple plan to enter the payments industry,” Kar reports. “Each company has its strengths: Square as a small business commerce solution provider and PayPal as a mobile payment processor. Sources tell Bank Innovation that each will be updating their services to work with Apple’s iWallet, which is expected to be launched today.”

“It seems reasonable to expect that Square will do everything it can to comply with Apple’s new payments platform, since Square’s customer base needs to facilitate transactions through iOS for much of its purchase volume,” Kkar reports. “If PayPal’s robust merchant partners program worked with Apple so their clients can accept ‘buy with Apple ID,’ a mobile/online checkout system that remembers all your card info for you could be a fast and easy way for Apple to enter the e-commerce market without having to do much.”

Read more in the full article here.

[Thanks to MacDailyNews Readers “Sarah” and “Lynn Weiler” for the heads up.]

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