Reports: Apple Has Signed on American Express, Visa, MasterCard for Mobile Payments
August 31, 2014 5:22 PM
The pieces are quickly falling into place for Apple's mobile payments system
It looks as though Apple has signed up the “big three” when it comes to payment processors for its new mobile payments system. Jason Del Rey of
earlier today reported that Apple has signed up American Express, while a follow-up report from
said that Apple also managed to snag both Visa and MasterCard.
However, signing agreements with American Express, Visa, and MasterCard is just one piece of the puzzle when it comes to making Apple’s mobile payments system a success. Apple will also have to convince retailers to invest in upgrades to their point-of-sales (POS) systems to support Near Field Communications (NFC) technology — if they haven’t already done so.
NFC capabilities have
long been included in Android devices
, but Apple is looking to bring its own spin on the technology with its upcoming iPhone 6.
reported last week that an
Apple-branded payment system would be announced at the September 9 keynote address
, and would make use of not only Touch ID and a hardware NFC chip, but also a security chip to store payment data.
John Gruber seemingly confirmed that information, responding in jest to a
from John Paczkowski of
, “I’ve been working on a new joke — about NFC and a new secure enclave where you can store your credit cards, so you can pay for things at brick and mortar retail stores just by taking out your iPhone, but only if it’s one of the new iPhones.”
The iPhone 6's hardware NFC chip
series of leaks late last week
, it was revealed that NXP will manufacturer the NFC chip found in the iPhone 6.
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