Apple reportedly teaming up with Amex, Visa and MasterCard for iPhone Wallet
This rumor ties in with other speculation. Just the other day, we passed along a rumor that claimed that the Apple iPhone 6 was going to feature NFC connectivity and a new mobile payment system. The latter is something that Apple CEO Tim Cook has been interested in for a long time. Currently, there is a case made for select versions of the iPhone, that turns it into a mobile wallet using an NFC micro-chip and a free ISIS mobile wallet app. ISIS is the service owned by AT&T, Verizon and T-Mobile.
A feature that might make the iPhone a useful mobile wallet, is the Touch ID fingerprint scanner. Touch ID could be used to verify the identity of someone making a payment using the handset. For Apple, it is all about generating revenue. With over 800 million iTunes accounts, all with payment information on file, Apple might be set to make a bundle. It is estimated that Apple could generate $300 in advertising revenue for each mobile wallet account it opens.