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Tim Cook says mobile payments were “one of the thoughts” behind Touch ID

Sections: iPhone, iPhone/iPod touch/iPad

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During Apple’s Q1 2014 earnings call today, Apple CEO Tim Cook mentioned that mobile payments were “were one of the thoughts” behind creating Touch ID in the iPhone 5s. It isn’t surprising that Apple considered mobile payments, as we know the company wouldn’t create a brand new technology without using it for more than App Store purchases and unlocking the iPhone. Cook noted that the mobile payments area is something in which Apple has had a lot of interest.

Cook has exhibited much enthusiasm over the company’s successful products since taking over about two years ago, and he continues to comment enthusiastically about Apple’s future product ventures. To further his explanation of mobile payments being considered during the creation Touch ID, Cook also mentioned the company’s customers. “You can tell by looking at the demographics of our customers and the amount of commerce that goes through iOS devices versus the competition that it’s a big opportunity on the platform.”

I think mobile payments on the iPhone is an excellent idea, as there haven’t been any major hacks or security concerns with Touch ID since it was introduced late last year. I can see Apple allowing Touch ID to be used on third party banking apps to authorize money transfers, to log-in, and to check balances. It is even possible Apple could introduce its own mobile payments system, like Square and other services for iOS users to take advantage of.

Touch ID is a great tool, and it is even greater that Cook has mentioned that mobile payments is a serious possibility.

Via [The Verge]

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