Apple is in talks with major credit card companies about a mobile payment system for iOS devices, according to a report from The Information. Apple is currently talking to Visa about a possible partnership that could bypass third-party payment processors. The partnership could cut out the middle man and provide direct savings for retailers and customers.
Many have speculated for at least a year, that Apple would develop a mobile payment system. When the iPhone 5S was launched last year, Apple made a big deal of the secure enclave in the A7 chip. Along with the iPhone 5S's Touch ID, the secure enclave puts the final pieces in place for Apple to provide mobile payments that significantly cut down on fraud. That would be a huge savings for credit card companies who currently have a high percentage of fraud.
Considering Apple already has millions and millions of credit card numbers from iTunes customers, Apple is in a unique position.
Rumors are swirling. Expect some kind of announcement as early as this Fall.
Many have speculated for at least a year, that Apple would develop a mobile payment system. When the iPhone 5S was launched last year, Apple made a big deal of the secure enclave in the A7 chip. Along with the iPhone 5S's Touch ID, the secure enclave puts the final pieces in place for Apple to provide mobile payments that significantly cut down on fraud. That would be a huge savings for credit card companies who currently have a high percentage of fraud.
Considering Apple already has millions and millions of credit card numbers from iTunes customers, Apple is in a unique position.
Rumors are swirling. Expect some kind of announcement as early as this Fall.