Apple has formed a partnership with American Express to develop a new iPhone payments system, expected to be formally announced during the launch of the iPhone 6 on 9 September.
The system is expected to enable owners of Apple’s latest handset to transform their phone into a mobile wallet, by enabling it to make payments for goods and services from participating retailers in a similar fashion to a credit or debit card.
For this to work however Apple will need to obtain the approval of the credit card network or bank which issued the card, although Visa has previously been reported as agreeing to such a system.
Neither Apple nor American Express would comment ahead of the launch event but such a move would be a logical next step for the fashionable technology firm, which has amassed a database of hundreds of millions of credit card details courtesy of iTunes and its app store.
Bloomsberg has also hinted that deals with Visa and Mastercard are on the horizon.
In a bid to provide added security for such a system Apple is believed to be keen to incorporate its Touch ID fingerprint scanner.