Apple reportedly launches iPhone mobile device payment system in Japan

According to the source, the system lets users add money to their iTunes account for mobile payments, and use a barcode to complete purchases. The system is limited currently to just Apple Stores.

Apple has named its mobile payment system iTunes Pass. However, it is different from iTunes Pass that enables iTunes Store customers to pay for content related to specific musical artist. The system works similarly to a reloadable gift card, or like the Starbucks app which is little more than a virtual customer payment card.