Is Microsoft working on a mobile payments service?

Microsoft may be working on its own mobile payments service to challenge Apple Pay.

According to a recent report, Microsoft is planning to step into the mobile payments fray with Microsoft Pay. Blogger Faisal Khan discovered that Microsoft has set up a new US-based company called Microsoft Payments Inc.

The new venture was recently granted a licence by the State of Idaho Department of Finance for money transmission, which suggests that a digital payments service is in the works.

Microsoft has yet to comment on the rumoured product development.

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