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Apple Reportedly Teaming Up With Credit Card Companies for Mobile Payments

by Sean P. Aune | September 1, 2014September 1, 2014 1:00 pm PST

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Rumors are picking up steam that Apple will be announcing its mobile payment system at its event scheduled for Sept. 9.

While the announcement of new iPhones is considered a given for Apple’s Sept. 9 event, word has been circulating as well that Apple will announce its long rumored mobile payment system as well. According to reports from Re/Code and Bloomberg, Apple has partnered up with American Express, Mastercard and Visa for an all new mobile payment system that will allow you to use your iPhone as a digital wallet.

The mobile payment system has been rumored for some time now, but with increased rumors that Apple will finally be adding an NFC chip to the iPhone, those rumors have again been picking up speed. With over 800 million iTunes accounts with credit cards linked to them already, it has long been thought that mobile payments was a natural next step for the Cupertino company. Other attempts to launch mobile payment systems have been met with mixed results due to low adoptions rates, but as Ben Bajarin, an analyst for Creative Strategies LLC, told Bloomberg, “Love it or hate, Apple drives a lot of standards in the industry. They are the mover in these markets. When they do something, the industry seems to follow.”

Apple is expected to unveil at least one new iPhone model on Sept. 9, and now it looks as though the mobile payment system will share the stage with the new flagship device. TechnoBuffalo will be in attendance at the event so make sure to tune in for all of the coverage.

Bloomberg Re/Code

Sean P. Aune

Sean P. Aune has been a professional technology blogger since July 2007, but his love of tech dates back to at least 1976 when his parents bought...