Apple is prepping major debit/credit card companies for the launch of an upcoming payment system, believed to be launching on the next iPhone.
Apple has just signed partnerships with all the major bank card companies, Visa Inc, Mastercard Inc and American Express Co.
It is believed that Apple is about to launch a payment system that uses NFC (near field communication) to allow iPhone users to pay for items with a tap of their phone. A source close to the deal told Bloomberg that major card firms were working with Apple; in order to release a new system by the 9th September – when the iPhone 6 will launch.
Apple has been a leader of industry standards for some time, but has yet to adopt NFC; which has been in use on most smartphones for several years. Most banks now issue cards that incorporate NFC to allow for contactless payment and smartphones, such as those by Samsung, already ship with NFC for similar uses.
However, Apple could make break in an already tried and tested market by utilising its extensive iTunes ecosystem – which already holds its customers payment details. In addition to this, Apple is expected to also allow users to pay just by placing their fingers on the Touch iD sensor to confirm the payment.
Either way, it is Apple entering into a market that it just about had to in due time. How it implements this is yet to be seen.