iPhone Mobile Wallet Rumoured to Team with Visa and Mastercard

Tim Maytom

Apple InviteAs we approach the 9 September Apple event where the next iPhones, along with Apple's fabled 'iWatch', are likely to launch, speculation is rife on new innovations. New reports suggest that Apple is to partner with major payment facilitators including Visa and Mastercard, to turn the new iPhone into a mobile wallet.

The new iPhone is rumoured to finally include NFC technology which has become commonplace on Android phones, and when combined with the fingerprint scanner which debuted on the iPhone 5s, it could create a fast and secure payment system for consumers.

The news of the partnership with Visa and Mastercard was reported on Bloomberg, citing sources familiar with the situation. In a seperate report, Re/code claimed that American Express will also be partnering with Apple, giving it an extremely strong network of payment partners to support this move into a new area.

In order to truly break into the mobile payments sphere, Apple will also require agreements with retailers to facilitate the technology. However, given the popularity of the iPhone and the support of major payments companies, it is likely retail brands will be queuing up to support any innovation Apple unveils on 9 September.