Apple allegedly teams up with Visa, MasterCard on iPhone Wallet

Monday 1 September 2014 10:35 CET | News

Apple is set to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, Bloomberg reports.

The agreement includes Visa, MasterCard and American Express. The solution is reportedly going to be unveiled soon along with the next iPhone.

The new iPhone is rumoured to include a near-field communication chip besides Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone.

Apple’s move into mobile payments is set to generate revenue from the 800 million global iTunes accounts, which include payment information, that have already been created. If Apple’s mobile wallet takes off, it could open up new possibilities as a marketing platform by generating advertising revenue from consumer brands wanting to reach shoppers while in a store.

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Keywords: Apple, Visa, MasterCard, iPhone Wallet, mobile wallet
Categories: Payments & Commerce
Countries: World
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