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Apple to use mobile payments for future iPhones

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Apple may use mobile payments with their products including the future iPhones to increase revenues and provide better experience for users.

People started speculating that Apple will use mobile payments after it acquired Authentec in 2012. With already 800 million iTunes accounts, Apple can definitely boost their profit with mobile payments.

Apple may use mobile payments not only on future iPhones but with Near Field Communication as well, a technology where you do not have to get in contact with your device to use it. NFC is already in some devices, but this product hasn’t taken off yet.

According to research notes from analyst Morgan Stanley mobile payment would be very beneficial to Apple and its customers. Morgan Stanley notes that Apple combines hardware and software excellently and that the company can improve and maintain the value of its products by adding better services.

Through mobile payments, Apple can gather more useful data from their consumers that would help them develop better recommendations, which would provide more opportunities for partners, developers, and smaller retail businesses to earn more profit.

Though Apple may not be a big supporter of NFC before, things are gradually changing.

The latest reports about patents, licensing and partnerships show that there would be big changes happening for NFC.

NXP Semiconductor, the co-inventor of NFC, has an important role in the mobile payments division of Apple.

Since Apple is one of the dominating companies in the high-end smartphone market, it could easily adopt NFC and start the rise of mobile payments that people are anticipating.

There will be 170 million more units that would be NFC-capable, if Apple adopts the technology. This would also bring in more opportunities for the company, as what Apple CEO Tim Cook said during the company’s fiscal earnings call for the first quarter.

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