Apple is reportedly in talks to acquire social networking and e-commerce site The Fancy – a competitor of Pinterest – according to Business Insider.
Apple’s new PassBook app, which will be available in iOS 6, is a step into e-commerce with iTunes, but users will not be able to make purchases using credit cards. However, the rumoured Fancy acquisition could potentially give users the opportunity to buy products through iPhones and iPads, and would allow Apple to leverage the 400 million-plus active iTunes accounts with credit cards on file.
“The objective: to secure a role for Apple in the growing e-commerce market, putting the 400 million-plus users with credit cards on file with Apple’s iTunes Store to work shopping—with Apple getting a cut of the action,” reported Owen Tomas.
Backed by the co-founders of Twitter and Facebook, The Fancy currently takes 10 percent cut from all purchases, and recently had the likes of Tim Cook, Mark Zuckerberg and Kanye West creating their own Fancy accounts. Last week Cook fancied a few items on his The Fancy account, and he was also rumoured to have met with The Fancy CEO Jim Einhorn earlier this year at the Sun Valley conference.
Follow our newly created Fancy account.