As impressive as the stats are for iTunes, Fool contributor Tim Beyers says Apple (NASDAQ:AAPL) isn't doing as much as it could with the service.

Investors might not care, since Apple stock is up more than 9% since the company's excellent fiscal Q3 report on July 23. Yet momentum goes only so far. The Mac maker needs catalysts to push its shares higher in the months and years to come, and iOS 7 may not be enough.

That's where iTunes comes in, Tim says in the following video. Apple supports 350,000 movie and 800,000 television downloads daily, making the service one of the Web's largest and most consistent payment processors.

Yet there's no system for using iTunes as an e-Wallet for purchasing real-world goods. Instead, Apple is leaving Google and its new Wallet team alone to battle with upstart Square and market leader eBay (NASDAQ:EBAY), which plans to use PayPal to support $300 billion in annual commerce by 2015.

Limiting iTunes guarantees Apple won't be able to compete for that huge chunk of business. Tim says that's a mistake. Do you agree? Tell us what you think of the Mac maker's iTunes plans and whether you would buy, sell, or short Apple stock at current prices.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He owned shares of Apple and Google at the time of publication. Check out Tim's Web home and portfolio holdings, or connect with him on Google+Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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