Apple's iPhone 6 to include 'tap and pay' wireless payment system
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Apple's iPhone 6 will include a new payments system allowing owners to pay in stores simply by tapping their phone on a reader, it has been claimed.
Called Near Field Communication (NFC), the technology is already widely used by credit cards for low cost payments.
Apple is expected to link to system to its iTunes store, which already holds customer's payment details.
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Put away the credit card! Apple is believed to be working on an iWallet app to allow users to easily pay with their phone
IPHONE 6: WHAT TO EXPECT
The handset is expected to be unveiled on Tuesday 9 September and will come in 4.7-inch and 5.5-inch sizes.
It is thought the phone could boast a flexible and scratch-proof sapphire screen, which is about to go into large-scale production in the US.
The screen is tipped to be 'Retina display+' with a 1,704x904 resolution.
Experts also predict a faster A8 processor, better rear-facing camera - possibly with changeable lenses -and wireless charging support.
It may also include a heart rate sensor like the Samsung Galaxy S5.
The project is believed to already have Visa on board, and is expected to use the firm's Touch ID fingerprint sensor to verify a customer's identity.
The app could launch in the Autumn alongside Apple's new iPhone 6.
According to tech blog The Information, 'conversations between Apple and payments-industry companies have heated up in recent months.'
It claims 'several people briefed on the talks say that Apple executives have discussed launching a mobile 'wallet' as soon as this fall for people to use their iPhones to pay for goods in physical stores.'
According to the report, new phones will include a 'secure element' to store such sensitive data.
Apple has also made hires relating to 'building a business around the hundreds of millions of credit cards it already has on file,' according to Wired, claims a source has told uit the solution will include NFC.
Apple's cryptic invite for it's September 9th event, which is expected to see the iPhone 6 and iWatch unveiled.
The service will also run without any intervention by mobile phone firms.
Apple has told some partners its system would involve a so-called secured element in the phones—a piece of hardware where sensitive information such as a phone owner's financial credentials can be stored.
This expected to be the same secure system currently used to store fingerprint information, which is also set to store health data.
Earlier this month Visa launched a new service called Visa Checkout that eliminates a few steps in online payment.
The company and its retailing partners, including Neiman Marcus, Pizza Hut, Staples and others, hope a quicker payout will lead to fewer abandoned shopping carts online.
With the iPhone 6 launch two weeks away, new images of leaked parts have been revealed on a near daily basis. Multiple images of both the front panel and the rear shell of the 4.7-inch device have surfaced, while this image seemingly shows the design of the entire device
As more customers shop on smaller screens like smartphones and tablets, the hassle of entering in credit card numbers and billing addresses is becoming a sticking point and payment processors have been working to find ways to simplify the process.
Visa Checkout joins similar services like eBay's PayPal, MasterCard's MasterPass, Amazon's one-click checkout and others.
Visa has been working to expand its reach into the payments processing business with new products like Visa Checkout.
The company is also opening a technology center in San Francisco in an effort to court mobile developers in the Bay Area tech community.
It plans to hire 100 new technology staffers for the center.
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