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Apple reportedly partnering with Nordstrom on new iPhone payment platform

Apple is reportedly teaming up with Nordstrom on the imminent launch of its long-rumored mobile payment service, which will allow users to pay at brick-and-mortar stores using only their iPhones.

According to Bank Innovation, the upscale fashion retailer’s recent upgrades to its mobile point-of-sale (POS) terminals hint at a forthcoming partnership with the iPhone maker:

Nordstrom employees, who requested anonymity, said that the department store chain upgraded its mobile POS terminals “a few weeks ago” with hardware that allow it to work with the “most recent iPhones.” Our source said that the two companies had a “contract” and that the specifics of these contracts weren’t available to the public yet. We verified that these terminals are the same ones that the Apple Store is currently utilizing.

Apple was first reported to be in talks with retailers regarding mobile payments late last May.

Aside from retailers, major financial services companies, including American Express, MasterCard, and Visa, are being wooed by Apple to partner with it on its mobile payment platform.

Apple is likely to tap into the more than 800 million Apple IDs with associated credit cards it has on file for its new iPhone payment system. The new platform is expected to be unveiled by the company on Sept. 9 alongside the so-called “iPhone 6,” whose rumored near field communication feature, in addition to Touch ID, is well suited to mobile payments.

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