We have heard the rumors that Apple could be planning a mobile payment system of their own. This is hardly new, but according to a new report from The Information, it seems that Apple’s mobile payment system could be launching as soon as this fall, which would coincide with the release of the new iPhone 6 and iOS 8, assuming that Apple keeps to schedule, of course.
The report goes on to state that Apple has been in talks with Visa about a possible partnership that would allow users to use their phone to make payments, thus bypassing third-party payment processors which could in turn save customers money. It has been speculated that features such as Touch ID and the Secure Enclave for the A7 processor will be utilized for this mobile payment system.
They go on to state that Apple plans on being in control of the system, without giving it up to carriers. “Apple has told some partners its system would involve a so-called secured element in the phones–a piece of hardware where sensitive information such as a phone owner’s financial credentials can be stored. The company also aims to run the system without giving up any control to wireless carriers.”
Apple has hinted at the idea of mobile payments earlier this year when its CEO, Tim Cook, mentioned that the idea is intriguing and that there are big opportunities, although he did not actually confirm anything. This rumor comes on the heels of Starbucks announcing that they had plans to expand their app beyond just paying for coffee, suggesting that they might get into the mobile payment market as well.
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