REDMOND, Wash.—Microsoft may be moving into mobile payments.
The company’s potential payment plans were revealed in an application at the Financial Crimes Enforcement Network, requesting to be accredited as a money services business in the U.S., reports Slash Gear.
“Pretty soon, there might even be a Microsoft Pay, or Microsoft Payments . . . Although it is still in the extremely early stages of preparing the legal foundations of such an enterprise, Microsoft could very well be planning to take on the still nascent and somewhat unproven mobile payment industry,” posited the website.
Microsoft recently revealed it may be laying the groundwork for mobile payments when the company announced that future Windows 10 phones would support host card emulation or HCE, a system for storing card credentials in the cloud and not on the phone.