Apple Partnering With American Express on iPhone Mobile Payments Initiative [Updated]
Apple's rumored mobile payments initiative appears to be coming closer to launch, with Re/code reporting the company has reached a deal to partner with American Express.
Apple has reached an agreement with American Express to work together on its new iPhone payments system, according to sources familiar with the talks. American Express is one of several partners Apple will need to sign up before it can launch its new payments plan, which sources say it plans to announce at its September 9 product event.
Apple was previously reported to have been in negotiations with Visa over the effort, which is said to leverage the upcoming iPhone 6. Just days ago, a logic board leak revealed the near field communications (NFC) chip destined for the iPhone 6 and which will presumably play an important role in enabling the mobile payments functionality.
With Apple's extensive database of credit card numbers linked to iTunes Store accounts and new security technology such as Touch ID built into the iPhone, the company is strongly positioned to leverage those assets for widespread adoption of mobile payments. The effort naturally requires partnerships with credit card processors and retailers, but the pieces do appear to be falling into place just ahead of next week's media event.
Update 5:19 PM: A new report from Bloomberg claims Apple will be teaming with Visa and MasterCard in addition to American Express for its mobile payments initiative, which will be unveiled at Apple's media event on September 9.
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Top Rated Comments
credit cards to us means you buy things you cant actually afford
Not for everyone. I personally buy everything on a credit card because it's a secure way to buy things, if the card is stolen you can refuse the charge and the credit card company can help you recover the funds. If you pay off your credit card every month many earn you rewards. For people who are responsible with money credit cards are great.
I understand why you say this, but they're a tool to be used wisely. I had a boss that said this:
Good decisions require wisdom.
Wisdom comes from making bad decisions.
I have another saying:
Smart people learn from their own mistakes.
Wise people learn from others' mistakes.
As a business owner, I am not too fond of amex. They charge on average a higher percentage than Visa or MC, and payments take twice as long to post to our account.