Financial News

  • 2 September 2014, 7:46

Apple's iPhone 6 Could Work As A Mobile Wallet

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 September 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 and several other smartphones, and allows phone users to use their devices to pay for goods - similar to a contactless payment card.

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.

Analysts say that adding payment capabilities to iPhones would help retain customers in future, as they are then reliant on Apple's ecosystem of hardware and software.

There are around 800 million global iTunes accounts which include payment information.

Until now, the payment methods are only used to buy online apps and entertainment, and Apple goods in-store.

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