John Sculley is bullish on his former company.
The former CEO of Apple told CNBC on Tuesday he believes the giant tech company will rebound, but only if it masters mobile payments. Sculley's comments come as Apple shares were seeing their worst trading session in weeks, fresh off lackluster iPhone sales numbers that disappointed Wall Street analysts.
Its Passbook app, coupled with new beacon technology installed in stores, can help revolutionize mobile payments the way iTunes changed media consumption, Sculley said.
The app, which holds coupons, gift cards and tickets for movies and travel, comes with new iPhones and those with the latest software upgrades. Sculley believes the app can provide a framework for mobile payments. He said Passbook already has more than 600 million potential users, more accounts than offered by PayPal and Amazon combined.