The new iPhone will make mobile payment easier by including a near-field communication chip. For Apple, the push to create a mobile wallet is to keep users within its ecosystem, thus creating more loyalty to its brand and demand for its products. Apple’s move is also about generating more revenue from the roughly 800 million global iTunes accounts, which include payment information.
Apple Inc. (AAPL) plans to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, according a person familiar with the situation. The agreement includes Visa Inc. (V), MasterCard Inc. (MA) and American Express Co. (AXP) and will be unveiled on Sept. 9 along with the next iPhone, said the person, who asked not to be identified because the talks are private. The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, the person said. That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone, will allow consumers to securely pay for items in a store with the touch of a finger.