The report says the service may launch this fall, enabling iPhone users to pay for goods with their devices in retail outlets. Apple has apparently discussed the plans with credit card institutions, according to the report, as a user’s banking information “would essentially be uploaded to the wallet”. Apparently, Visa is already onboard with the project.
According to the report, new phones will include a ‘secure element’ to store such sensitive data. Unsurprisingly, the service will also run without any intervention by carriers.
It seems likely that the payments service would tie in with Touch ID, to enable seamless purchasing. The Information says Apple may rely on short-range Bluetooth and WiFi to enable the transfer, rather than NFC, which most competing mobile payment services today have adopted technologically.
You can read the full report over at The Information.
