Apple’s IPhone Pay System Casts Shadow on PayPal Spinoff
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When Apple Inc. decided to develop a payments system so people could use iPhones to buy items at a store instead of swiping debit or credit cards, the company bypassed EBay Inc.’s PayPal.
Apple instead chose startup Stripe Inc. to help with the development of its service. The Cupertino, California-based company then bolstered its move with a barrage of partnerships, including with banking giant Citigroup Inc. and heavyweights such as American Express Co. and First Data Corp.