“Apple is likely to incorporate a Near Field Communication (NFC) payment function in the next generation iPhone and has reached an agreement with China UnionPay on a mobile payment service, according to a source close to the matter,” Frank Hill reports for BrightWire.
“Under the deal with China UnionPay, users would be able to download the bank card organization’s app to Passbook in their iPhones and make mobile payments on over 3 million China UnionPay’s ‘QuickPass’ POS machines in China, the source said,” Hill reports. “In addition to NFC payment, the two companies will also work together on another mobile payment solution that can be used for purchases in Apple Stores, added the source.”
Hill reports, “China UnionPay is the only domestic bank card organization and interbank network in China. The company’s network links ATMs across a number of Chinese banks, including fourteen major banks.”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Fred Mertz,” “Lynn Weiler,” and “James P.” for the heads up.]
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