According to reports from Bloomberg and other outlets, Apple has partnered with Visa, MasterCard and American Express to create a mobile payment platform, allowing users to pay with their iPhones in brick and mortar stores.
Last week Wired reported that the next iPhone will likely include a near field communication chip (NFC), which would make these types of mobile payments possible.
With an NFC chip, a small amount of data can be transferred between devices held near each other. Google Wallet is an NFC-enabled mobile payment platform that has been around for a while now but just hasn’t quite caught on. Retailers could be partly to blame as some have been slow to adopt the new technology.
However, Visa and MasterCard have set an October 2015 deadline for U.S. retailers to make the switch from reading cards via magnetic strips to using newer embedded chips.
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