“A report on Wednesday claims Apple is accelerating work on a mobile payments system, or digital wallet, that could be ready by this fall, allowing customers to pay for physical goods with their iPhone instead of a credit card or cash,” Mikey Campbell reports for AppleInsider.
“Citing sources familiar with the matter, The Information reports Apple is in talks with partner companies to launch a Google Wallet competitor as soon as this fall, with some saying the service may roll out with the so-called ‘iPhone 6,'” Campbell reports. “The people said Apple is in talks with major credit card company Visa to forge a partnership that could revolutionize the way consumers pay for goods. As noted by the publication, a direct partnership with Visa — or similar company — would be a huge step in bypassing the payment processing chain, saving both merchants and customers money.”
With partnership talks ongoing, Apple is also working out the technology behind a mobile payments system,” Campbell reports. “Sources say the Cupertino, Calif. company at one point planned to integrate near field communication modules in its iPhone lineup, though another person claims the system is to rely on Bluetooth and Wi-Fi.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Lynn Weiler” for the heads up.]
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Apple patent application reveals secure iWallet system with iBeacon – January 16, 2014
Apple’s revolutionary iWallet is coming – December 10, 2013
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Well, I’d be happy if an NFC system was integrated, not so much for payments, although they’re starting to roll out NFC counter payments in the UK, but for public transport transit payments.
TfL, (Transport for London), has had it’s Oyster card system running very successfully for years, I have one, and I live 100 miles from the Capitol, but it makes travel there so much simpler.
Now other cities are starting to use similar systems, so smartphone apps that would allow the phone’s owner to register with a number of towns and cities and use one phone for seamless travel would be hugely advantageous.
God I’m so ready for a new payment solution. Rubbing a plastic card through a plastic channel and tapping ok, ok, pin, pin, pin, pin, ok, no, yes is so 20th century.
The old solution called cash works just fine.
Unless you go to Duane Reade pharmacies here in NYC where it’s an ok, ok, ok, ok, pin pin pin pin, ok, lookup number, ok, ok, no, ok, yes, e-mail receipt (never works anyway), no, yes, yes and 10 minutes later you’re on your way.
iPay will be the crown in iOS8 release. It will be a credit card managed by a top global financial firms for Apple which already manages credit cards and ATM machines all over the world. It will compete with the likes of Amex and also with Paypal.
The iWallet will allow apple to carry other credit cards as well as it’s own.
What’s Visa’s market cap?
😉
No coincidence that PayPal is suddenly advertising on television: they’re clearly scared of the implications. From what I’ve read, Apple has more than twice the number of credit cards on file than Amazon and PayPal **combined**.
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