“Apple Inc. plans to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, according a person familiar with the situation,” Matt Townsend reports for Bloomberg. “he agreement includes Visa Inc., MasterCard Inc. and American Express Co. and will be unveiled on Sept. 9 along with the next iPhone, said the person, who asked not to be identified because the talks are private.”
“The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, the person said. That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone, will allow consumers to securely pay for items in a store with the touch of a finger,” Townsend reports. “Apple’s move is also about generating more revenue from the roughly 800 million global iTunes accounts, which include payment information, that have already been created, said Richard Crone, chief executive officer of Crone Consulting LLC, which advises retailers and banks on mobile-payment solutions.”
“Until now, iTunes accounts have been used in Apple’s marketplace, which is tiny compared to the vast retail market, Crone said. If Apple’s mobile wallet takes off, it could open up new possibilities as a marketing platform by generating advertising revenue from consumer brands wanting to reach shoppers while in a store,” Townsend reports. “Crone’s firm estimates that a frequently used mobile wallet application could generate about $300 a year per user from advertising.”
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