Apple Reaches Agreement with American Express for iPhone 6 Payments System: Re/code


Looks like the ‘Apple PR machine’ is back at it, as again on this long weekend in the U.S. and Canada, Re/code is reporting exclusive news relating to the company’s new iPhone payments system, which is said to have partnered 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’s new iPhone 6 payments system is said to use NFC, which will allow customers to pay with their phone instead of credit or debit cards at retail stores.

Sources say Apple has “held discussions with multiple credit card networks about the new payment product,” while previous rumours cited Visa had partnered with the company as well.

More details from sources say in order for mobile payments to be approved, Apple customers will need the green light from either credit card or bank networks that issued the card. Apple has over 800 million iTunes accounts on file linked to credit cards.

On Friday, images leaked of the iPhone 6 logic board which outed an NFC chip from NXP.

Just yesterday Re/code reported Apple had mulled charging around $400 for its upcoming wearable device (said to be delayed until 2015), while the publication has also correctly predicted the upcoming September 9 media event.

For Apple’s NFC solution, partnering with major credit card companies would be ideal. The problem with NFC credit card and debit card payments is dealing with compatible terminals (or lack there of). A major credit card processor will allow Apple to use existing NFC terminals or quickly implement new ones.

Let’s hope at launch the iPhone 6 mobile payments system isn’t limited to the U.S. but includes Canada too.

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