A number of sources indicate that Apple will soon turn its iPhones into virtual wallets that will be used to buy online and in-store purchases. Rumors that Apple was finally getting serious about virtual payments started to pick up pace in September when the latest iPhone, the 5S, launched with a built-in fingerprint scanner.

However, Re/code says that Apple is in the process of interviewing senior payments industry executives as it starts to build a full electronic payments business.

Specifically, the company is looking at how to make it easier for its customers to buy goods in physical stores using nothing more than their smartphone and their iTunes account details. This is on top of creating a system whereby an iPhone could be used for validating a purchase made online.

During its last earning call, company CEO Tim Cook said that part of the reasoning behind the Touch ID fingerprint scanner was to facilitate payments and authentication beyond Apple's walled garden.