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Apple reportedly working with Visa, MasterCard, American Express for new payments system

Aug 31 2014, 11:51pm CDT | by , in News | Apple

Apple reportedly working with Visa, MasterCard, American Express for new payment
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Apple has reportedly partnered with popular payment networks Visa, MasterCard, and American Express, according to Bloomberg.

Apple has reportedly partnered with popular payment networks Visa, MasterCard, and American Express, according to Bloomberg. Sources, who asked not to be named, told Bloomberg that the new partnership will be announced on September 9th, alongside Apple's next iPhones, which will support NFC (near-field communication) for the first time.

This would presumably make mobile payments easier and faster. Re/code is also backing up the report, saying that American Express is working with Apple for a new payment system. Rival companies Google and Samsung have already invested in the mobile payments business, but so far retailers have been slow to adopt.

 

That will soon change once Apple debuts its own mobile payments system this month. According to Creative Strategies analyst Ben Bajarin, Apple could change the market because iPhones have the largest market share in the U.S. “Apple drives a lot of standards in the industry. They are the mover in these markets. When they do something, the industry seems to follow," Bajarin told Bloomberg. 

Source: Bloomberg, Re/code

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