WSJ: Apple mulls physical purchases via iTunes accounts

Apple is investigating the possibility of enabling users to pay for physical goods and services through their iTunes accounts, according to a recent Wall Street Journal report. Apple SVP Eddy Cue has reportedly met with industry executives on the matter. It’s also noted that Apple executive Jennifer Bailey, who ran Apple’s online stores, is now in a new role “to build a payment business within the technology giant.” A number of possibilities exist regarding how Apple could institute the system, which will no doubt leverage the hundreds of millions of credit cards currently linked to the iTunes Store; a recently discovered patent application revealed a method for making secure payments using two “air interfaces.” Still unknown is the per-transaction fee Apple expects to charge for the service; given common credit card transaction fees in the 3% range, some third-party vendors loudly balked at the 30% cut Apple demanded when in-app purchases were rolled out for the App Store and Newsstand.