Apple partners with Visa, Mastercard and American Express for iPhone 6 ‘iWallet’.
Readying itself to unveil its new payments system, tech giant Apple has signed up with major card firms such as Visa, MasterCard and American Express for iPhone 6 ‘iWallet’. The iPhone 6, to be released on September 9, 2014, will feature a redefined payments system that allows owners to to pay in physical stores via a simple tap on the fingerprint reader (Touch ID).
The ‘virtual wallet’ will use the technology of near field communication (NFC) for the first time, which is largely been used by credit cards for low-cost payments.
NFC as a technology is already being used in many Android and Windows phones, allowing owners to do wireless transactions at stores, as well as phone pairing. However, for the feature to actually work, the device used as well as the store you are shopping at need to be NFC-enabled.
Apple could also link payments system to the iTunes store, which is usually furnished with the owner’s payment details. In order to secure the crucial customer details, the new phone will also include a security feature that guards the data.
Other than customer and loyalty retention, the iPhone 6 ‘iWallet’ is expected to generate more revenue from approximately 800 million global iTunes accounts, which include already existing payment information.
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