Apple has struck an agreement with Visa, MasterCard and American Express to turn the next iPhone into a mobile wallet, it has been claimed. The latest iteration of Apple’s iconic smartphone is widely expected to be revealed on Sept. 9. It has been claimed by several respected Apple sources that a near-field communication chip (NFC) will be included in the phone for the first time. It is a feature already available in several other smartphones and allows phone users to use their devices to pay for goods—similar to a contactless payment card.
Love it or hate, Apple drives a lot of standards in the industry.
Ben Bajarin, an analyst for Creative Strategies, speaking to Bloomberg
Financial news service Bloomberg reports that deals have been struck with major payment networks, retailers and banks ahead of the launch. Retailers have been slow to adopt the technology, but given Apple’s market share the introduction of NFC could boost usage. Getting retailers on-board is key—as many of them still lack point-of-sale systems that can accept NFC payments. Until now, the payment methods are only used to buy online apps and entertainment, and Apple goods in-store.