Apple building online payment system

This Monday, Aug. 20, 2012, photo, shows Apple headquarters in Cupertino, Calif., Monday, Aug. 20, 2012. On Monday, Apple set a new record for the most valuable company at $621 billion, beating Microsoft's 1999 high.(AP Photo/Paul Sakuma)

January 27, 2014 8:11:26 AM PST
Apple is preparing to give PayPal, Square and other online payment systems a run for their money.

The Cupertino-based company racks up billions in sales through iTunes, but hasn't built up a payment system outside of the digital world. But now, it's appointed a new executive focused on building a payment business.

It's also met with industry leaders on apple's role in handling payments for goods and services purchased on iPhones. Dunkin Donuts and Starbucks already allow customers to pay using a feature called Passbook, introduced with Apple's IOS 6 operating system.