The report says the service may launch this fall, enabling iPhone users to pay for goods with their devices in retail outlets. Apple has apparently discussed the plans with credit card institutions, according to the report, as a user’s banking information “would essentially be uploaded to the wallet”. Apparently, Visa is already onboard with the project.
When Apple unveiled the Touch ID API during its WWDC keynote earlier this week, users and developers alike immediately started considering possible uses. It seems PayPal was also quite interested in putting the fingerprint technology to work in its mobile app.
According to Business Insider, several PayPal developers attended a WWDC session on the new API and the company is actively considering its implementation. The idea here is likely to get a head-start on Apple, which is currently said to be working on its own mobile payment service in conjunction with several major payment processors.
According to Shanghai Mobile analyst Frank Hill, Apple has reached a deal with mobile payment provider China UnionPay that would enable the next iPhone to make purchases at millions of supported Chinese point-of-sale devices. This would work in conjunction with NFC hardware said to be included in the next iPhone model.
UnionPay works with many of China’s major banks, and is the only domestic mobile payment company operating in the country. Several banks have reportedly been invited by UnionPay to participate in the development of a new system that is compatible with iOS devices.
While rumors of NFC in the iPhone have been relatively rare compared to some previous upgrade cycles, this isn’t the first time this year we’ve seen mentions of the technology finally making its way into Apple’s smartphone. Last month a report from analyst Ming-Chi Kuo indicated that we’d see near-field communication in the upcoming device.
In the last year, both Apple and Google have considered making acquisition offers for Square, according to industry sources familiar with the situation [...]
[Dorsey] believes, sources said, that his company’s design aesthetic and values match up much more closely with Apple than Google …
Mobile payment app Venmo received a big update today that introduces a new way to quickly send money to nearby friends. It works just as easily as Apple’s AirDrop sharing system. The app uses Bluetooth to detect nearby Venmo users and lists them above your recent payment recipients when sending money.
While some apps make the process of sending money relatively quick, Venmo has the added benefit of making it easy to pay people around you without needing to enter any contact details at all, even if you’ve never met them before. The only catch is that both parties need to be using Venmo for the feature to work.
Venmo is available for free on the iOS App Store.
When Touch ID was first rumored, there had been much speculation about whether the iPhone 5s would act as an electronic wallet, with payments to retailers authorized by fingerprint. While that hasn’t yet happened, it does now seem clear that it’s on the way.
Asked about mobile payments during yesterday’s earnings call, CEO Tim Cook gave what is, in Apple terms, a surprisingly direct response.
The mobile payments area in general is one we’ve been intrigued with. It was one of the thoughts behind Touch ID [...] it’s a big opportunity … Read more