Apple Money Logo

The dream of mobile payments seems to have stalled in the face of technological restrictions and a general lack of interest, but if Apple gets its way we may all be using our smartphone to make purchases in the near future. A new report from Re/Code claims Apple is currently looking to fill several new executive positions ahead of a strong push into mobile payments.

Specifically, Apple is looking to hire a head of product and head of business development, according to one anonymous insider. Jennifer Bailey, the company’s head of e-commerce is reportedly leading the initiative and has already met with several candidates. “Their ambitions are very, very serious,” another source told Re/Code.

If any one company can make mobile payments take off it’s probably Apple. The company’s already paved the way with TouchID on the iPhone 5s, which supports iTunes and App Store purchases but could potentially one day be expanded to support third-party retailers. Apple also boasts more than 600 million iTunes accounts, most of which are connected to a credit card.

Google will be one major competitor. The company’s mobile wallet service is now embedded inside the latest Domino’s Pizza application, which allows you to buy pizza for delivery with your Google account. We expect additional services will start to offer similar features, too, giving Google a lead ahead of Apple for now.

According to one recent report, Apple even considered buying Square to ease its way into the market, but eventually balked at the Apple’s high asking price. It looks like Cupertino may decide to go it alone, which isn’t exactly out of character for the company. Hopefully we’ll see mobile payments introduced in the not-to-distant future, and the company’s Worldwide Developer Conference (WWDC) in June could be a great place to discuss it.

AAPL. Powered by Yahoo Finance
Source Re/code