Apple teams up with payment networks to ensure you can pay through iPhone

iphone-paymentAccording to Bloomberg reports, Apple plans to enter into partnership with American Express, Visa and MasterCard companies to help make their next iPhone into an electronic wallet. The partnership is to be revealed during the same September 9th event where iPhone 6 and iWatch are scheduled to be announced.

The new feature lets iPhone users pay for goods at participating in retail stores through their iPhone. Just the other day, Wired reported that Apple’s next iPhone will feature NFC connectivity and a new mobile payment system. The mobile payment will be made easier by including a Near-Field Communication chip – an addition which has been rumored for a very, very long time. The company is finally making its move. Touch ID fingerprint scanner will allow iPhone users to securely pay for goods in a retail store with the touch of a finger.

For Apple, the move to create mobile payment system is to retain its users within its ecosystem, thus creating more demand for its products. Apple’s move is also about generating more revenue from each mobile wallet account it opens.