Apple plans to jump into the mobile-payment arena with its new partnership with Visa, MasterCard and American Express.
Users of the brand-new iPhone 6 will be able to leave their bulky wallet at home. As long as they have their smartphone in hand, they’ll be able to securely pay for purchases.
According to Bloomberg, the new iPhone 6, which is expected to be unveiled Sept. 9, will be equipped with a mobile wallet system. Apple has teamed up with Visa, MasterCard and American Express in its new venture.
Bloomberg said Apple is in a great position to plunge into the mobile wallet business, with more than 800 million credit cards or other payment methods already on file, thanks to iTunes.
But what about security? Is your payment information secure in the case of phone loss or theft? According to Forbes, consumers can rest easy.
It’s all but certain that the only way to use your Apple “iWallet,” or whatever it’s dubbed, will be via TouchID. If you phone is stolen, the thief will have essentially no ability to compound your misery by using your money, too.
Other companies, such as Google, have gotten into mobile wallets, The Huffington Post said. But so far, Americans have been gun-shy about buying into the e-wallet system. The iPhone 6 could change that.
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