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Apple, American Express reach m-payment deal - report
2014-09-01 09:24:00| Telecompaper Headlines
(Telecompaper) Apple has joined forces with American Express to develop a new iPhone payments system, according to unnamed sources cited by Recode. American Express is just one of several partners Apple is planning to work with before it can launch its new mobile payments plan, which the company may announce at its 09 September product event. The aim is to permit iPhone 6 owners to pay for goods and services using their phones, eliminating the need for credit cards, debit cards or cash at specific retailers. Although no information is provided on the kind of technology to be used, the sources say customers will be able to present their phones at the checkout counter of partnering retailers to transmit payment information to complete a purchase. The news site The Information previously reported that Apple had successfully courted Visa as well. According to the sources cited in the report, Apple is likely to need approval from credit card networks and banks to use the millions of cards from iTunes and App Store accounts for mobile payments.
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Category:Telecommunications