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There have been many reports over the past few months that Apple is looking to enter into the mobile payments space. A report published today claims that the company has teamed up with American Express for a new iPhone payments system. Apparently American Express is the biggest of several partners that Apple will bring onboard before it launches this service. If whispers are true then this new iPhone payments service might be announced at Apple’s September 9th event.

A lot of important announcements are expected at the event. Apart from the iPhone 6, Apple may also unveil the iWatch, its much rumored wearable device. The announcement of a new payments system will only add to the hype that has already been created for this event by an endless stream of iPhone 6 related rumors and leaks.

The idea behind this service is pretty simple: let iPhone owners use their smartphones to pay at checkout counters instead of having to use a credit or debit card, or even cash for that matter. It is unclear how many retailers are currently onboard. The report doesn’t say if this service will be powered by NFC, which as per recent rumors is highly likely to debut with the iPhone 6.

The scribe’s sources also say that Apple has had discussions with many credit card networks to get them to sign up for its new service. it was reported a couple of months back that an agreement has been reached with Visa, but there has been no official confirmation of such reports.

Filed in Apple. Read more about iPhone.

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