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Published On: Mon, Sep 1st, 2014

Apple iPhone wallet to be unveiled on September 9

Apple’s next iPhone will be unveiled together with a wallet, a mobile payment solution; the company has partnered with Visa, MasterCard and American Express for the development of this project.

Apple’s next iPhone will be unveiled together with a wallet; the company has partnered with Visa, MasterCard and American Express for the development of this project.

Apple’s next iPhone will offer the capabilities of an iPhone wallet, according to undisclosed sources. The company is concluding a partnership with global payment networks, major banks and retailers. The new iPhone will hit the market on September 9. On the same day further details about Apple’s partnership with Visa, MasterCard and American Express will be disclosed.

Users of the next iPhone will be able to make easy mobile payments, thanks to a communication chip, included for the first time. The smart phone will also have Touch ID, a fingerprint recognition reader which was included in the most recent iPhone. This will enable users to make secure payments by just a touch of a finger.

Companies such as Google have been working on enabling phones to carry out payments in physical stores. US retailers, however, have been sluggish in adopting the technology, and have thus limited the use of the phone payment method by shoppers. Now Apple is expected to change the situation for the better, as iPhones are known to occupy the largest US market share.

The Apple spokeswoman Trudy Muller, the MasterCardspokesman Jim Issokson, and the American Express spokesman Mike O’Neill declined any comments.Visa representatives did not hurry to respond, either.

Apple recognizes the importance of creating the iPhone wallet as a powerful incentive for retaining users and maintaining loyalty to the Apple brand. The new mobile payment capabilities will expand the demand for Apple products.

The move is also expected to generate more revenues for Applefrom the global iTunes accounts totaling approximately 800 million. These accounts include payment information.

If the Apple iPhone wallet gains prominence, it could become a marketing platform, where advertising revenues will come from brands targeting shoppers while they are in stores. It is estimated that if the iPhone wallet is used on a frequent basis, the advertising revenues per user on a yearly basis could be around $300.

A crucial factor for the iPhone wallet success is how it will be accepted in the retail sector, which has been cautious regarding communicating transaction obtained data to third parties.

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