Reports are surfacing that American Express and Apple have reached an agreement to collaborate on an Apple iPhone payments system.
According to Recode, sources are suggesting that Apple is said to announce a new digital payments system on the 9th September which will be incorporated into its latest iPhone. The technology is set to turn the iPhone in to a virtual credit card, allowing for payments to be transacted using Near Field Communication (NFC) technology.
Sources also suggest that Apple has been in talks with other major payments companies in Visa and MasterCard in an attempt to get them on board. In a hotly contested industry such as payments however, as soon as one jumps, the others tend to follow.
There is no denying the social impact Apple’s product line has had over the last decade. If its new iPhone was to have a mobile wallet, designed in the style and sophistication that that company is known for, this could spell an end to the card as we know it. OCM.
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