"At the moment, they're using iPods with a different manufacturer's [Ingenico] chip and pin. [The technology overhaul] implies they're building something that will make it easier for retailers to take payments in store."
This could mean that retailers that already have Apple devices on the shop floor, perhaps for stock checking purposes, could soon sell products and services quicker by taking payments directly via an iPhone or iPad.
Alain Falys, co-founder and CEO at Yoyo, a mobile payment, loyalty and discovery platform, said that Apple's entry into the mobile payment space would allow the technology to become more mainstream.
"We've been eagerly anticipating Apple's entry into the mobile payment space, as it will make mobile payments accessible and ubiquitous. Simply put, Apple enabling payments will be good for the entire industry," he said.
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