The iPhone 6 will be your mobile wallet

Apple wants you to leave your credit cards at home – major deals are in place with Mastercard, Visa and American Express for its new mobile payments platform

Rumours that Apple will be introducing its own mobile wallet have been circulating for some time; now it looks like iPhone 6 users will be able to kiss goodbye to their credit cards.

According to Bloomberg's sources, Apple has just signed deals with Mastercard, Visa and American Express for its mobile payment service, which will reportedly make use of the iPhone 6's NFC chip and the TouchID fingerprint reader first seen on the iPhone 5s. You'll be able to use the iPhone 6's NFC chip in the same way as a contactless credit card; the TouchID fingerprint reader will be used to create an extra layer of authentication (though it's not totally secure, as hackers have been able to break through the sensor's security by using fake fingerprints). 

Analysts see Apple's move as a bid to keep users in its ecosystem; Apple has taken some time to catch up to Google's attempt to corner the market in mobile wallets, although using smartphones to pay for products using NFC is still something of a novelty.

With Android's market share increasing, Apple has to work hard to convince users that it is still worth paying a premium for an iPhone; and adding mobile payment functionality to the iPhone could give a big boost to the mobile payments industry.

[Source: Bloomberg]

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