Ahead of its press event later this month, Apple reportedly has agreed to partnerships with American Express, Visa and MasterCard, in an attempt to turn the upcoming iPhone 6 into a mobile wallet. Not surprisingly, consumers will have to wait until the official Apple event for confirmation of the deal - but it could help usher in mobile payments to casual users.
Using Near Field Communication (NFC) technology coupled with a Touch ID fingerprint scanner, the mobile payment system would be more secure. If implemented properly, customers would be able to make purchases at select retailers just with their fingerprint.
"Love it or hate, Apple drives a lot of standards in the industry," said Ben Majarin, Creative Strategies analyst. "They are the mover in these markets. When they do something, the industry seems to follow."