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(Pocket-lint) - Apple is set to launch a mobile payment service that would allow users to pay for physical goods and service from iOS devices, according to The Wall Street Journal. 

There's no word on when the mobile payment service may launch - presumably iOS 8 - but it's currently being built by Apple internally, according to the report. The company is said to have moved Jennifer Bailey, an executive who once ran Apple online stores, to build the mobile payment service. 

Such a service would put Apple up against Paypal, Google Wallet, Square, Stripe, and other services that have begun to gain traction. It would perceivably be easy for Apple to launch, given the 575 million iTunes accounts it already stores that have credit cards attached. 

Read: Apple EasyPay in-store payment solution

In 2012, it was rumoured Apple was going to launch a mobile payment service, but of course, it hasn't yet. Instead, the company launched Passbook in 2012, an app on iOS that allows users to storecouponsboarding passes, event tickets, store cards, and other forms of mobile payment. It doesn't allow you to directly hook your credit card into the app though, leaving many to see it as limited. 

Apple added the ability to store credit cards on an iCloud-synced keychain for buying products online in 2013. But if The Wall Street Journal is to be believed, Apple wants to take it further into the physical space. 

In typical secrecy, Apple isn't commenting on the rumour. 

Writing by Jake Smith. Originally published on 25 January 2014.