Rumor: Apple To Create PayPal-Killing Monetary Platform

The Silicon Alley Insider is reporting that there are whispers on Wall Street of  a possible Apple payment service that will allow people with iTunes Store accounts to make purchases on participating third-party sites. This, if true, would make Apple a direct competitor of PayPal, and the upcoming “Pay With FaceBook” platform.

Considering there’s been over 1.5 billion apps sold in the App Store’s  relatively short existence (not to mention boatloads of music and video), customers appear comfortable with going through Apple to make purchases.  But is that due to the tight integration between Cupertino’s hardware and software, or a trust in the brand? If Apple were to release a PayPal alternative, would you be comfortable using it to purchase your next notebook, pair of pants, or shoes?