September 3, 2014
Apple Partners With Credit Card Companies For Payment System
It looks like September will be the month Apple takes on mobile payments.
Apple’s latest announcement, scheduled on Sept. 9, is set to reveal the company’s latest smartphone, the iPhone 6. Rumors include two larger-screened iPhones, the announcement of its own smartwatch, and possibly a high-resolution MacBook Air.
But there’s one change that could affect how you buy everything soon enough.
Visa, American Express, and Mastercard have reportedly partnered with Apple, though none have issued any statement confirming.
Mobile payments with smartphones isn’t new, but adoption has been slow thanks to online ordering and differing implementations of mobile payments. Google’s own Google Wallet is in various outlets like Walgreens and The Container Store, but isn’t widely used.
In lieu of using your phone as an identifier, companies like Starbucks will scan a code on the screen of your phone using its own app or Apple’s PassBook app, rather than using NFC (near field communication) to pay for products.
As far as how it’ll work, all signs point to a combination of features. The new iPhone will supposedly use NFC to connect with compatible payment systems, and authenticate purchases with the phone’s built-in fingerprint scanner.