Finextra is reporting Apple and Visa are talking about the iPhone 6 mobile payments solution.
“Apple is in talks with Visa as it ponders launching a mobile wallet this autumn, according to tech site, The Information.
The latest bout of rumours suggest that the ability to make instore payments could finally arrive with the iPhone 6, although The Information’s sources offer contradictory takes on the technology, with one saying that the system is likely to be NFC-based and another suggesting that it will rely on Bluetooth and WiFi.”
Apple, as one might expect, has indicated it has no intention of relinquishing control.
“The report suggests that Apple will not be going down the host card emulation route, instead making use of the Secure Element, although the famously proprietorial tech titan has no intention of “giving up any control to wireless carriers.”
But then there is this statement highly uncharacteristic of Apple.
“Apple hopes that working with Visa will also help it bypass the payment processing chain, helping it to lower costs for merchants and customers,” says The Information.
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Since when has Apple strived to lower costs of anything to consumers? Apple is famous delivering such significantly enhanced design and function that shoppers will pay more to own Apple devices and services; it’s hard to imagine Apple will willingly walk away from that winning strategy.
Overview by Tim Sloane, Vice President, Payments Innovation
To read the full story, go to Finextra.
