With Apple heavily rumoured to be close to entering the world of mobile payments, and become a payment gateway solution to its customers, it was perhaps disappointing that an announcement was not made at its World Wide Developer Conference last week. However, it did give some clue as to its intended direction with news of its patent for a proposed ‘integrated financing and property transfer management platform’.
It seems that Apple is set to take on a more traditional banking and credit role, rather than what was thought to be an app for mobile wallet and payment services and a payment gateway solution.
Apple’s patent states that:
‘A loan obtained through the FSI engine can resemble a personal line of credit and thus can be used as cash, thereby eliminating the need for incurring transaction costs such as authorization fees, interchange fees, settlement fees that are associated with credit card purchases. Likewise, the cost of setting up FSI engine compatibility can be much less than the setup cost for a similarly-featured online credit card checkout tool.’
It seems that some of the modelling of the new service is based upon PayPal’s ‘Bill Me Later’ payment gateway solution, with ‘loans’ repaid by credit card or cheque.
Of course, Apple’s CEO, Tim Cook, has already announced plans to integrate its touch scanner with authenticated payments which will be in direct competition with Sansung’s Galaxy S5.
Combined with this latest announcement, Apple’s future looks set to consist of mobile phones with NFC technology with ID scanners to authenticate payment. Of course, only time will tell if this assumption is correct.