Rumours surrounding a new payment function on the upcoming Apple iPhone 6 have been circulating online for a few months now.
The new function will work with the NFC technology in the iPhone 6 (which allows for short-distance wireless communication), along with the device’s fingerprint sensor, to enable consumers to pay for items in-store with the touch of a finger.
Now, two new reports claim that Apple has had talks with several partners including Amercian Express, Visa and Mastercard on possible partnerships.
A customer uses a Samsung Galaxy device to make a payment
As is usually the case with these leaks, unnamed sources told Recode that Apple has held discussions with “multiple credit card networks” regarding the feature.
Although NFC technology and the ability to pay using your smartphone is already available in the US, it is thought that its use on the iPhone 6 will make it more popular.
Apple and the various companies it is targeting have refused to comment on the reports.
Analysts have chimed in with their views on the matter, stating that a successful mobile wallet system could generate $300 per user every year through advertising alone.
To put that into perspective, it is thought that the Apple iPhone 5S has sold over 10 million units a year since its launch in September 2013. Additionally, Apple currently holds the credit card data for approximately 800 million iTunes account holders.
Apple previously hinted at its interest in new payment systems by introducing a ‘Scan Credit Card’ function for iOS 8.
The feature allows users to snap a pic of their credit card details using their iPhone’s camera, which iOS 8 will then recognise and use to fill out the relevant payment info online.
