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American Banker's Mobile Banker reports that Apple's move into the mobile-payments space could soon pose a serious challenge for banks hoping to compete in the mobile space.
 
Mobile Banker reports that several recently unveiled patent applications show Apple has a comprehensive vision for incorporating near-field communication chips into its iPhone. Many bankers have quietly hoped that Apple would take the leap, but details from Apple's patent filings suggest that its mobile commerce plans are very different from the payments structure touted by financial companies, and some observers are now wondering whether bankers should be more careful what they wish for.
 
When several patent filings from Apple were published this month, they shed light on the company's plans to transform its iPhone into a payment device that relies not on credit or debit cards but on a beefed-up version of Apple's own iTunes digital media store.
Financial companies have been pushing the idea that NFC-enabled phones would become mobile wallets, store payment card account data and function as contactless credit or debit cards.
Apple's vision also has the phone initiating transactions. But instead of providing access to an open-loop, general-purpose card account, an NFC-ready iPhone might link to Apple's proprietary iTunes service, largely cutting banks out of the equation.

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