While Apple's technology has inarguably changed many different areas of life - from how we communicate with others to how we watch television - there is one area where the company is not a dominate market force: Mobile payment. But Apple CEO Tim Cook recently hinted that the company might be moving in that direction next.

At a recent conference, Cook talked to reporters about how Apple profits greatly from iTunes not just in the United States, but also around the world. According to Cook's numbers, Apple has approximately 800 million credit cards connected to accounts used for their products and services. This is what is leading the tech giant to create other kinds of mobile payments.

"I think it's a really interesting area. We have almost 800 million iTunes accounts and the majority of those have credit cards behind them. We already have people using Touch ID to buy things across our store, so it's an area of interest to us. And it's an area where nobody has figured it out yet," Cook told the Wall Street Journal, when asked about Apple's plans for a new payment system.

One of the pieces that Apple would have to include in their iPhones for it to function as a payment system would be what is known as a near field communication (NFC) chip that would allow the owner to verify their identification with a fingerprint. They would then be able to wave the phone in front of the cash register to make a payment. This would allow the phone to act as a credit card. According to some industry insiders, the iPhone 6 will be released this fall with an NFC chip installed.

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