Long rumored Mobile payment service by Apple could be ready in time for iPhone6. The mobile “wallet” would allow users to pay in the real world using only their iPhone, Apple already has the security feature in place to make it all work to perfection. Payment industry executives have told The information that this might be possible, as this Wallet would let people pay for the items with just their iPhone.
Apple has reportedly been interviewing, executives from the payments industry, and companies like PayPal have been pushing hard for the project. The information has added that these talks have “warmed in recent months,” also that this technology could be released just in time for iPhone 6, which is said to make its first appearance in anytime near September. Plans for Apple’s mobile wallet are apparently going to “greater attention” and sources say a security element on the iPhone would store payment credentials, which we suspect to be similar to the safe enclave A7 chip that stores credentials Touch identification: This service would be like a mobile payments solution which would be processed by not wireless operators but by Apple itself.
In January, the Wall Street Journal reported that Apple was planning a mobile payment service based iTunes account, while in late May Re/Code said Apple was interviewing senior executives from the payments industry to help launch mobile payment plan. Other earlier rumors pointed to Apple possibly integrating NFC in the next iPhone 6 for mobile payments.
[ads]Of course, there are still a lot of factors outside the control of Apple, like if traders and retailers would adapt to technology or not. As we know Google Wallet and other initiatives have flopped, but with ID Touch, million iTunes accounts, and the huge number of iBeacons already in the wild, Apple might be able to do better than any other mobile payments alternatives. Apple has 800 million iTunes accounts with credit cards on file and if you take into consideration Touch ID as a way to securely authenticate payments, which could be something special here. There has not been any successful mobile wallet till date that has been even close to success, so Apple has the ideal opportunity to perfect its innovation.
Image Courtesy: Apple