The iPhone will soon serve as a true mobile wallet, working with Visa, MasterCard, or an American Express card, and able to make secure mobile payments without whipping out your old fashioned plastic credit card, according to a new report from Bloomberg.
Specifically, Bloomberg says that Apple has entered into partnerships with major payment networks, banks, and retailers to allow the new iPhone to function as a digital wallet and make wireless payments. NFC and Touch ID will play critical technological roles in the functionality, according to the report:
“The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, the person said. That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most-recent iPhone, will enable consumers to securely pay for items in a store with the touch of a finger.”
The digital wallet feature will almost certainly be limited to the new iPhone models due to the necessity of the NFC (Near Field Communication) chip.
It is unknown if the payments initiative will be bundled as part of the existing iOS Passbook app or be its own unique application. Presumably, the upcoming Apple wearable device will also serve to make mobile payments too.
Apple is expected to unveil the payments platform, iWatch, and iPhone 6, at the scheduled September 9 event.