You are using an outdated browser. Please upgrade your browser to improve your experience.

Apple partnering with Visa and MasterCard in addition to Amex for so-called 'iPhone Wallet'

Earlier today, it was reported that Apple had reached an agreement with American Express to work on the iPhone maker’s long-rumored mobile payment service. Now, it appears that a couple of other major payment companies, Visa and MasterCard, may be on board as well for Apple’s so-called “iPhone Wallet,” according to Bloomberg.

Apple’s new iPhone payment system is expected to be unveiled on Sept. 9 along with the next-generation iPhone, dubbed “iPhone 6.”

The iPhone 6 is rumored to feature support for near field communication, thereby making mobile payments at retail stores even more straightforward. Of course, there’s also Apple’s Touch ID fingerprint-scanning technology, which debuted last year on the iPhone 5s, to facilitate transactions with a mere touch of a finger.

For its new mobile payment solution, Apple is widely anticipated to tap into its more than 800 million Apple IDs with associated credit cards on file.

Currently, these accounts can be used only in paying for products from Apple’s online and retail stores and for content from Apple’s digital marketplace, comprising the iTunes Store, App Store, Mac App Store, and iBooks Store. But with iPhone Wallet, Apple is effectively enabling its customers’ accounts to be used in paying for goods and services in a variety of brick-and-mortar stores.

Related Articles

Don't leave home without it: Apple partners with American Express for mobile payments

The AppAdvice week in review: Apple's Sept. 9 'iPhone 6' and 'iWatch' event set