Several of the top technology firms are pouring a wealth of resources into mobile payments. Google recently updated its Wallet app to include recurring bank transfers and low balance alerts, Apple launched its contactless payment platform Apple Pay late last year and Samsung did the same this year with LoopPay.
The one big name that’s been notably absent thus far is Microsoft but that could be changing in the near future.
Microsoft recently filed applications for a company called Microsoft Payments Inc. As The Windows Club points out, the Idaho Department of Finance issued the license which would allow the company to operate as a money transfer platform.
The company has also reportedly registered with the US Department of Treasury’s Finance Crimes Enforcement Network (FinCEN) while other reports indicate the Redmond-based company has filed for similar licenses in other states.
The FinCEN report notes that Microsoft wouldn’t be limited to basic money transfers but could also operate a pre-paid card system. This suggests Microsoft may launch a debit card system linked to its payments ecosystem.
As always, one should take rumors like this with a grain of salt. Just because Microsoft registered a new company name doesn’t necessarily mean a payment platform is in the works. It’s common practice for large companies to file an abundance of licenses and patents for the simple sake of preventing others from doing so.