Apple in Talks With Credit Card Companies Over Payment Solution, Could Launch Mobile 'Wallet' This Fall

applestore.pngApple's talks with companies in the payment industry have been heating up in recent months, according to a new report from The Information. Apple executives have discussed launching a mobile payment solution as soon as this fall, allowing users to pay for physical goods with their iPhones.

Apple is currently speaking with credit card company Visa over a possible partnership, a move that would bypass third-party payment processors resulting in direct savings for retailers and customers.

Apple's payment solution is said to work with a "secured element" within the iPhone, safely storing payment credentials. This secured solution may involve the "Secure Enclave" built into Apple's A7 processor.

Apple has told some partners its system would involve a so-called secured element in the phones--a piece of hardware where sensitive information such as a phone owner's financial credentials can be stored. The company also aims to run the system without giving up any control to wireless carriers.

The Secure Enclave, which was designed for Touch ID, is a coprocessor within the A7 chip that uses a secure boot process to ensure that its separate software is both verified and signed by Apple. It functions independently even if a kernel is compromised and contains a unique ID that is inaccessible to other parts of the system, keeping all data held within safe.

Apple's interest in the mobile payment arena has been rumored for years, but gained renewed attention earlier this year when The Wall Street Journal suggested the company as working on a new mobile payment service. As previously detailed, the service is said to allow people to use their iOS devices to make purchases for physical goods in apps and on the web, as well as in retail stores.

The payment solution will most likely be built around iTunes, allowing Apple to leverage more than 800 million iTunes accounts, most with credit cards attached. It may also be tied to Touch ID, the fingerprint scanning home button built into the iPhone 5s and slated for inclusion in future iPads and iPhones.

In January, Apple CEO Tim Cook said that mobile payments were "one of the thoughts" behind Touch ID. He has also said that Apple is "intrigued" with mobile payments and noted there's a "big opportunity on the platform."

Earlier this year, Apple was said to be in talks with Paypal about a possible partnership and it has also sought out senior payments industry executives to take on roles within the company.

Related Roundup: Apple Pay

Popular Stories

iphone 16 pro ghost hand

5 Reasons to Skip This Year's iPhone 17 Pro

Thursday July 10, 2025 4:54 am PDT by
Apple will launch its new iPhone 17 series in two months, and the iPhone 17 Pro models are expected to get a new design for the rear casing and the camera area. But more significant changes to the lineup are not expected until next year, when the iPhone 18 models arrive. If you're thinking of trading in your iPhone for this year's latest, consider the following features rumored to be coming...
apple wallet drivers license feature iPhone 15 pro

Apple Says iPhone Driver's Licenses Will Expand to These 8 U.S. States

Tuesday July 8, 2025 11:26 am PDT by
In select U.S. states, residents can add their driver's license or state ID to the Wallet app on the iPhone and Apple Watch, providing a convenient and contactless way to display proof of identity or age at select airports and businesses, and in select apps. Unfortunately, this feature continues to roll out very slowly since it was announced in 2021, with only nine U.S. states, Puerto Rico,...
apple tv 4k new orange

New Apple TV Expected Later This Year With These New Features

Saturday July 12, 2025 3:09 pm PDT by
A new Apple TV is expected to be released later this year, and a handful of new features and changes have been rumored for the device. Below, we recap what to expect from the next Apple TV, according to rumors. Rumors Faster Wi-Fi Support The next Apple TV will be equipped with Apple's own combined Wi-Fi and Bluetooth chip, according to Bloomberg's Mark Gurman. He said the chip supports ...
macbook pro blue green

M5 MacBook Pro No Longer Coming in 2025

Thursday July 10, 2025 12:38 pm PDT by
Apple does not plan to refresh any Macs with updated M5 chips in 2025, according to Bloomberg's Mark Gurman. Updated MacBook Air and MacBook Pro models are now planned for the first half of 2026. Gurman previously said that Apple would debut the M5 MacBook Pro models in late 2025, but his newest report suggests that Apple is "considering" pushing them back to 2026. Apple is now said to be...
iPhone 17 Pro in Hand Feature Lowgo

Leaker Reveals Amount of RAM in iPhone 17 Through iPhone 17 Pro Max

Wednesday July 9, 2025 8:08 am PDT by
Three out of four iPhone 17 models will feature more RAM than the equivalent iPhone 16 models, according to a new leak that aligns with previous rumors. The all-new iPhone 17 Air, the iPhone 17 Pro, and the iPhone 17 Pro Max will each be equipped with 12GB of RAM, according to Fixed Focus Digital, an account with more than two million followers on Chinese social media platform Weibo. The...
iPhone 17 Pro in Hand Feature Lowgo

iPhone 17 Pro Coming Soon With These 16 New Features

Friday July 11, 2025 12:40 pm PDT by
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are only two months away, and there are plenty of rumors about the devices. Below, we recap key changes rumored for the iPhone 17 Pro models. Latest Rumors These rumors surfaced in June and July:A redesigned Dynamic Island: It has been rumored that all iPhone 17 models will have a redesigned Dynamic Island interface — it might ...
Foldable iPhone 2023 Feature 1

Foldable iPhone Display Production Begins Ahead of Launch Next Year

Wednesday July 9, 2025 10:59 pm PDT by
Production of foldable OLED displays for Apple's first foldable iPhone have begun ahead of its expected launch next year, Korea's ETNews reports. The first foldable iPhone's displays are being produced by Samsung Display, who are establishing a production line dedicated to the upcoming Apple device its A3 factory in Asan, Chungcheongnam-do. The production line will make displays exclusively...
iPhone 17 Pro in Hand Feature Lowgo

iPhone 17 Pro to Reverse iPhone X Design Decision

Monday July 7, 2025 9:46 am PDT by
Since the iPhone X in 2017, all of Apple's highest-end iPhone models have featured either stainless steel or titanium frames, but it has now been rumored that this design decision will be coming to an end with the iPhone 17 Pro models later this year. In a post on Chinese social media platform Weibo today, the account Instant Digital said that the iPhone 17 Pro models will have an aluminum...

Top Rated Comments

newagemac Avatar
143 months ago
Yosemite. iOS8. Handoff and Continuity. Healthkit. Homekit. TouchID. Mobile Payments. iWatch??? Apple TV???

Apple's entire integration plan seems to finally all be coming together. It's going to be really nice to be in the Apple ecosystem going forward.
Score: 16 Votes (Like | Disagree)
2010mini Avatar
143 months ago
Apple buy paypal already

eBay is selling paypal?
Score: 4 Votes (Like | Disagree)
Cougarcat Avatar
143 months ago
But, will it be faster than just swiping my card? If I have to muck about with the UI on my phone, I see little point.
Score: 4 Votes (Like | Disagree)
Davelfc Avatar
143 months ago
People will quite happily hand over their card to a complete stranger serving in a shop, who can then skim it. Revealing their card number, 3 digit code on the read and signature.

But offer people a more secure way of carrying out their transactions, that involve a fingerprint and they go crazy.

It cannot come quickly enough for me. Now I just need to find way to keep my thumbs more secure.
Score: 3 Votes (Like | Disagree)
HobeSoundDarryl Avatar
143 months ago
But, will it be faster than just swiping my card? If I have to muck about with the UI on my phone, I see little point.
There's a HUGE security benefit to going this way instead of continuing to use cards. Nutshell version: as is, much of the time, we hand our credit cards to complete strangers who then go away where we can't see them to process our purchase. They bring back a piece of paper that we sign, so we give those strangers our signature too.

Mobile "card-less" model: nothing leaves your possession. Your "card" (your phone) has something brought to it so that you can establish the connection to approve the transaction yourself. Your thumbprint or password is the replacement for your signature. The "stranger" doesn't get to see a card number, name, expiration date, security code or your signature; they just get a "transaction approved" validation.

While the latter is also not completely secure (nothing is), it would be a HUGE step toward reducing the ability for the less sophisticated identity thieves (which is most of them) to fake a transaction(s) as you.

----------

What happens if someone steals the iPhone. Are the iPhones so secure with the new technology?
They need to steal your thumb and/or your password too.
Score: 3 Votes (Like | Disagree)
realeric Avatar
143 months ago
Mobile payment solution better than Paypal, please...
Score: 3 Votes (Like | Disagree)