Recently rumormongers are working overtime to spread the news that Apple is planning to upgrade iTunes store into a payment system, as a competition to the ever-popular PayPal.

These are just rumors as of now, but they have gained ground with the downfall of PayPal on Monday. PayPal ran into trouble and went out of action for one hour on Monday. It was revived within an hour and full functionality restored in a couple of hours. PayPal’s dysfunction caused a big stir in the web world.

( Read more )