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Apple reportedly forms partnerships with major credit card companies for iWallet

Apple will reportedly be bringing its iWallet to the masses with its newest iPhone. Bloomberg reports on Sunday that the tech giant has secured deals with major credit card companies Visa, American Express and MasterCard. The last version of the iPhone contained one part of making this process possible, and that was the fingerprint sensor that will reportedly be used to authorize the payments on the phone. The newest version of the iPhone will have a near-field communications (NFC) chip that will enable the phone to make mobile payments for goods in retail stores.

Apple isn’t the first to present a mobile solution to purchasing items in retail stores, but those retail stores have been slow to adapt to the solution that was presented by Google’s Android. With these partnerships with major credit card companies and Apple’s brand power, the company is banking on the fact that retail stores will give their customers the opportunity to use this latest addition.

And they’d be smart to do it. Retail stores stand to gain money by giving their customers an even easier way to make impulse purchases. Also, the iWallet platform could open up an incredible advertising opportunity and with access to more than 800 million iTunes accounts with credit card information on file, Apple could sell that info for a high price.

With the announcement of the partnership coming so close to the release of the phone as well as the fact that the only source to confirm the announcement has wished to remain unnamed, at least for now, the public shouldn’t expect too much of the product when it first comes out. It will take time for retailers to make the necessary moves to make this newest addition worth it. However, Apple could be holding back the best information and could announce having sold their technology to major retail chains at their announcement on Sept. 9.