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.
The move would expand Apple’s reach into a competitive online payments field and potentially give it a new revenue source as Chief Executive Officer Tim Cook looks to reignite growth. Apple hasn’t entered a new product category since the 2010 debut of its iPad tablet and profit and sales growth have slowed.
(Source: Business Standard )