The Redmond, Washington firm has been quietly building regulatory approval for a payment system, and it’s going to be one of the names to watch in the space.
Banking consultant Faisal Khan spotted the Microsoft moves into the payment world back in March. At the end of that month Microsoft got its first “money transmitter” license from the State of Idaho Department of Finance.
The company has applied for licenses across the country, in all 50 states, though it doesn’t have any public plans to enter the world of banking and payments just yet.
Microsoft may just launch a limp attempt to compete with Apple, or the firm could try its best to wrest the market away from Tim Cook’s firm before it gets a chance to grow and consolidate. As Facebook and Google are proving, the iPhone is just a platform and it doesn’t have to be controlled by Cupertino.