Apple reportedly teams up with Visa, AmEx and Mastercard for iPhone Wallet

Apple finally sent out press invites for an event on September 9th where it is expected to announce the iPhone 6. Now, fresh reports are claiming that the company has signed up with major mobile payments players for an iPhone wallet.

Apple logo

A report from Re/Code is claiming that Apple has signed a deal with American Express while Bloomberg is revealing that the company has partnered with Visa and MasterCard for the mobile wallet. The report suggests that the new iPhone will include a near-field communication (NFC) chip, which has been rumored for a long time. This technology will allow consumers to securely pay for items and services with a swipe of the phone.

Meanwhile, Re/code is stating that customers will simply present their phones at the checkout counters of partner retailers to pay for their purchases. However, it is not clear yet which retailers have reached an agreement with Apple. The report also suggest that Apple will use Touch ID along with the NFC chip to further authenticate the purchases.

Google already has its own mobile payment service Google Wallet. No other details about the iPhone Wallet are known as of yet and it looks like we will have to wait till September 9th when Apple will launch the iPhone 6.

via:Bloomberg| Re/Code

Author: Sneha Bokil

Sneha Bokil is a tech enthusiast and is currently using OnePlus 3T but she still treasures her Nokia N70 (M). You can follow her on Twitter @snehabokil and on Google+