Apple to Team Up with Visa, MasterCard and American Express on iPhone 6 Wallet

Apple to cooperate with Visa, Mastercard and American Express on creating a wallet on its upcoming smartphone.

The Cupertino-based company is to team up with Visa, Mastercard, and American Express to help make the next iPhone into an electronic wallet. Photo: MoneyBlogNewz/Flickr

The Cupertino-based company is to team up with Visa, Mastercard, and American Express to help make the next iPhone into an electronic wallet. Photo: MoneyBlogNewz/Flickr

The Californian tech giant is goinf to include Visa, Mastercard, and American Express in the list of its partners to help make the upcoming iPhone 6 into an electronic wallet.

With the new feature, owners of the highly expected device will be able to use their phone to pay for goods at participating retail stores.

“The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, the person said. That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone, will allow consumers to securely pay for items in a store with the touch of a finger,” Bloomberg reports.

While giants such as Google have chosen to invest in creating ways for phones to make payments in a physical store, U.S. retailers appeared to be slow to adopt the technology, thus limiting the use by shoppers, says Ben Bajarin, an analyst for Creative Strategies LLC in San Jose, California. That could change with Apple entering the market because iPhones have the largest market share in the U.S., he belives.

“Love it or hate, Apple drives a lot of standards in the industry,” Bajarin said in an interview. “They are the mover in these markets. When they do something, the industry seems to follow.”

Trudy Muller, a spokeswoman for the Cupertino company, declined to comment on the issues, as did JimIssokson, a spokesman for MasterCard, and Mike O’Neill, a spokesman for American Express. Representatives from Visa were not available for a comment.

For Apple, the push into creating a mobile wallet is to keep users within its ecosystem, thus creating more loyalty to its brand and demand for its products, Bajarin said. “It’s about retention, solving and adding features that keep your base engaged and keeping them loyal,” Bajarin admitted.

Meanwhile, recent reports claim that Apple iPhone 6 will be unveiled on Sept. 9.

If the recent information is true to life, that would squash previous rumors that Apple might push its fall event, thought to be the announcement of the iPhone 6, back to October.

Last month insiders revealed to reporters that rlease date of the highly expected iPhone 6 might be delayed beause of production issues.

“Ming-Chi Kuo of the Taiwanese firm KGI Securities, who has been a consistently reliable source of information on Apple’s plans, isn’t bullish on seeing a 5.5-inch iPhone by the end of the year. Problems with the phone’s new display and casing could result in it being pushed back until well after the 4.7-inch iPhone 6 comes out,” Cult of Maс reported.

The Californian company was expected to run into complications due to production of new iPhones with the bigger displays, according to Kuo. Production issues are specifically related to the in-cell displays and metal casings being used.

Earlier this summer the photos of a back panel of the highly expected smartphone were revealed.

“This could potentially be used to shine a light through for the iPhone 6, in the style of Apple’s laptop models, the MacBook Pro and MacBook Airranges,” wrote Trusted Reviews at the time. “There’s the potential that Apple could use a light up logo to notify the user of incoming emails, texts or other alerts.”

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