Apple Building PayPal Killer, Sources Babble

According to Silicon Alley, the latest rumor in Wall Street is Apple's plan to turn the iTunes Store into a payment system like Paypal. In other words, they want you to give them money so you can buy things elsewhere.

iPhone and iPod touch users can already buy third-party products within applications using iTunes accounts. However, according to these rumors, the new scheme will open the door for other companies outside the store ecosystem to use iTunes as their payment gate for whatever goods or services they may sell.

It makes sense, as people are used to pay with iTunes one-click system—which is licensed from Amazon—anyway. Why not extend to participating companies and make an easy dollar? We will see if the gossip is true or not soon enough. [Silicon Alley Insider]