More reports on: E-business

Apple to make mobile payments preferred payment mode

news
02 September 2014

Apple seems to be all set to make mobile payments as the preferred payment mode, after leaked images of an iPhone 6's logic board revealed the inclusion of near field communication (NFC) in the smartphone's design, technology news web site Daily Tech reported.

Wireless payment systems had been all been de rigueur till now, as it was often just as convenient to retrieve and swipe a piece of plastic as it was to retrieve mobile apps and wave around a mobile device.

However, as a technology leader, hailed for its near infallible approach when it comes to tech stakes, Apple's use of NFC and delivery of a mobile payments solution might herald a system that could be around for some time.

Recently-published photos of what was said to be the iPhone 6's logic board showed the presence of an NFC chip. The snaps were then followed by a video of what was said to be a short demo of an actual iPhone 6.

The iPhone 6's NFC chip according to insiders who did not wish to be named, is one of the smartphone's defining features, stressing how much Apple was pushing the tech, the Tech Times report said. The insiders added that the iWatch would feature an NFC chip so that it could use the same mobile payments system Apple had been designing.

Meanwhile, it seemed like Apple had signed up the ''big three'' when it came to payment processors for its new mobile payments system,  the report said. 

Re/code earlier today reported that Apple had signed up American Express, while according to a follow-up report from Bloomberg, Apple had also managed get both Visa and MasterCard on board.

However, signing agreements with AmeEx, Visa, and MasterCard was only a piece of the puzzle when it came to making Apple's mobile payments system a success.

Apple would need to convince retailers to invest in upgrades to their point-of-sales (POS) systems to support Near Field Communications (NFC) technology, if they had not already done so.

NFC capabilities had long been included in Android devices, though Apple was looking to bring its own version of the technology with its upcoming iPhone 6. 

Last week, Wired reported that an Apple-branded payment system would be announced at the 9 September keynote address, and would make use of not only Touch ID and a hardware NFC chip, but also a security chip to store payment data.





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