Apple Said to be Partnering With American Express on its Own Payments System

[RaduTyrsina]

Among the rumored new products and services that could get unveiled in the beginning of this fall, we've heard talk about a new payments system. Now, according to a new report coming from Recode, Apple could be partnering with the American Express bank for that. Here are some more details from the original report:

Apple has reached an agreement with American Express to work together on its new iPhone payments system, according to sources familiar with the talks. American Express is one of several partners Apple will need to sign up before it can launch its new payments plan, which sources say it plans to announce at its September 9 product event.

Apple’s new payments system is expected to let iPhone 6 owners use their phones in place of credit cards, debit cards or cash to pay for goods in brick-and-mortar stores. Customers will present their phones at the checkout counter of partnering retailers to transmit payment information to complete a purchase. It’s not clear which retailers have signed on to accept such payments.

Apple’s new payments system is expected to allow iPhone and iPad owners to pay for things at brick-and-mortar stores by utilizing the NFC technology. Apple’s Touch ID technology could also be involved in this new service, since it would provide an extra layer of security.

Previously, it was rumored that Apple had reached a deal with China UnionPay and Visa in July. Besides financial companies, Apple is said to have been in talks with retailers, as well. Recent leaks have also suggested that the new iPhone could get equipped with a new NFC chip, which somehow confirms the payment system idea.

Bloomberg also confirmed with its own independent sources that Apple will be unveiling a new NFC-based payment system next month, and both Visa and American Express are going to be partners.

Source: Recode