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Apple to Partner With Major Credit Card Companies on Its New iPhone Payments System

Apple to Partner With Major Credit Card Companies on Its New iPhone Payments System

Apple is reported to be partnering with American Express, Visa, and Master Card on its new iPhone payments system. Re/Code, citing people familiar with the talks, says American Express is just one of several partners Apple will need to bring onto the fold before it launches its new payments service. The report says Apple will announce its plans at its September 9 product event.

iPhone payments system
EasyPay concept by Ricardo Del Toro

Bloomberg reports that Apple will also team up with Visa and Master Card for the iPhone payments system.

Apple’s new iPhone payments system is expected to allow iPhone 6 owners to use their handsets in place of credit cards, debit cards, and cash. Customers will show their iPhones at the checkout counter to pay for their goods and services. No retailers have been announced to be participating in the plan as of yet.

If Apple does announce an iPhone payments system, it will end years of rumors and speculation as to how the company may take advantage of the millions of credit cards it currently has on file from customers of its iTunes and App Store services.

Even though customers on other platforms haven’t exactly embraced mobile wallet services, industry observers believe Apple is the one company that has a real chance at making a service such as this work. It is expected that the iPhone’s Touch ID fingerprint scanner will be a part of any payments system Apple might introduce.

Apple is expected to unveil the iPhone 6 on September 9. The new handsets are expected to include a fast A8 processor, a thinner more rounded body, and improved cameras on both models.

Re/Code reported last week that Apple will also be introducing the much anticipated “iWatch” wearable device at the September 9th event.

Be sure to follow MacTrast scribe Chris Hauk (@CLHauk) on Twitter.

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