Apple, Visa Reportedly in Mobile Wallet Talks (July 28, 2014)
Apple could finally be preparing to make its long-awaited debut in the mobile wallet sector. The company will incorporate payment elements into its upcoming iPhone 6 and is in talks with Visa to launch a digital wallet app, according to recent reports.
While rivals, including Google, have launched products in the fragmented mobile wallet market, Apple thus far has stayed out of the fray. But over the past year, indications have mounted that the company is working toward a mobile wallet. The latest “evidence” was reported by Website The Information, which reported that talks between Apple and various payment companies, including Visa, have “heated up” in recent months, and that an iPhone-based mobile wallet could debut as soon as this fall. Other sources have reported that the iPhone 6 will incorporate NFC technology, which could be used to make contactless payments.
An Apple foray into payments could be a game-changer. Along with its name recognition and dedicated user base, the company has 800 million enrolled iTunes users and a 40 percent share of the global smartphone market.
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