Cupertino, CA, United States (4E) – Apple is reported to be in talks with the credit card giant, American Express, for its purported mobile payment system that is believed to be unveiled alongside the next generation iPhones this fall.
The alleged NFC (Near Field Communications) chip component was released over the weekend.
Now, it is very apparent that the Cupertino giant is slated to put the Touch ID into good use other than just device unlocking and easy App Store purchases. This e-wallet payment system would bypass the necessity of having the need of a physical credit card. With AmEx just being “one of the several partners” of the iPhone-maker in this space, more financial giants may come on-board.
The NFC chip is the main component of almost all of the existing mobile smartphone payments to date. However, it is not clear if the NXP-made part will be the sole component that will allow such payment feature in the upcoming iPhones. If this would be the case, then the Touch ID in the iPhone 5s won’t get any attention.
Apple has been developing NFC RFID to support mobile payment as its recent patent suggests. Currently, the company manages to experience the same feature with the use of iBeacons. The NFC functionality has been a persisting rumor everytime Apple announces a new hardware. However, we are seeing that it could come to fruition this year.