New iPhone May Be an E-Wallet

Apple reportedly teaming up with credit card companies for iPhone 6

By Jenn Gidman,  Newser Staff

Posted Sep 1, 2014 11:35 AM CDT

(Newser) – For detractors who complain that their iPhones just don't do enough, Apple may be upping the ante. Rumors are swirling that when the iPhone 6 is unveiled on Sept. 9, it's not only going to play music, surf the Internet, and make phone calls—it will also function as a mobile wallet, according to a source who spoke on condition of anonymity to Bloomberg. Apple is reportedly teaming up with Visa, MasterCard, and American Express—none of whom are commenting about the speculation—for the newest iPhone incarnation, which would allow shoppers to make purchases at participating retail locations.

It makes sense for Apple to get into the mobile payment game, notes Wired: It's already got hundreds of millions of credit cards on file thank to iTunes, as well as an eager, brand-loyal user base. Plus, Apple has applied for various e-wallet patents over the years, reports Time. The iPhone 6 would likely feature near-field communication technology, which, according to NearFieldCommunication.org, is a form of "contactless communication" that lets a user simply wave his or her phone over a compatible device to make a transaction or complete a task. Although other tech powerhouses have tried to incorporate their own mobile payment services (Google Wallet, anyone?), consumers still aren't clamoring for that technology, reports the New York Times.

iPhone owners may soon be able to use the device as an e-wallet.
iPhone owners may soon be able to use the device as an e-wallet.   (Shutterstock)
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