Apple, which has been busy preparing for the launch of its new iPhone 6 handset some time later this year, is seemingly also working on releasing a mobile wallet payment service to counter the rival Google Wallet app.
Sources privy to the process reveal Apple to be currently busy in forging a deal with Visa that will allow customers to purchase products and services directly through their iPhone. It is believed that Apple will also negotiate deals with other credit card associations and banking institutions. The Information has confirmed these reports.
The report also suggests that Apple will most likely store user’s banking information on the iPhone itself or another secured system. Since banking information for App Store and iTunes is already stored on the cloud, it is highly possible that Apple’s Wallet app will also store payment info on its secure cloud. The service will run without any involvement of the network carrier.
Meanwhile, Apple is experimenting with various modes for making mobile payments, such as Bluetooth, Wi-Fi and NFC. As Apple is one of the few companies who haven’t yet tested the NFC and with Google Wallet already using the same technology, its likelihood to be involved in Apple’s Wallet is highly doubted. These are, however, only unconfirmed reports and anything with certainty cannot be said until Apple officially reveals.
This new mobile payment project is believed to be headed by Apple’s former Online Store Chief, Jennifer Bailey and assisted by a large team from different other projects. A former senior director for Visa who joined Apple this year, Tommy Elliot is also said to be contributing his expertise to this project. Similarly, former J.P. Morgan mobile payments executive, Andrew McCarthy has recently joined Apple and is believed to be assisting in the project.
So far there is no official word from Apple, the new Wallet app may release any time later this year.
Tags: Apple, Apple iPhone 6, Apple Wallet app, iPhone 6, new iPhone 6, new Wallet app
