Apple building online payment system

CUPERTINO, Calif.

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.

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