Apple partnering with American Express, Visa, MasterCard on new iPhone payments system: Report

Apple has reached an agreement with Visa, MasterCard and American Express to work together on its new iPhone payments system.

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Apple plans to enable its next iPhone to become a mobile wallet by allowing owners to securely make mobile payments in a store with the touch of a finger, reports said. Citing a person familiar with the situation.

The agreement includes participation by Visa, MasterCard and American Express and will be announced 9 September along with unveiling of the next iPhone, according to the source, who asked not to be identified because the talks are private.

The new iPhone will simplify mobile payment by including a special communication chip, along with a fingerprint recognition reader that debuted on the most recent iPhone, the source said. Officials could not immediately be reached at Apple, Visa, Mastercard and American Express.

With a recent report hinting that the next iPhone and the iWatch will incorporate NFC technology to enable users to pay by touch, we might see NFC being put to some real good use with Apple's latest iPhone. Apple is working with Dutch chipmaker NXP Semiconductors NV to add secure NFC into the next iPhone. Financial Times reported that this will allow an iPhone to connect with payment terminals or ticketing systems. 

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SOURCE TOI