Apple developing iWallet app that could act as a credit card

Apple is preparing to launch an 'iWallet' app allowing customers to easily for with theit mobile phone, it has been claimed.

The project is believed the already have Visa on board, and is expected to use the firm's Touch ID fingerprint sensor to verify a customer's identity.

The app could launch in the Autumn alongside Apple's new iPhone 6.

 

According to tech blog The Information, 'conversations between Apple and payments-industry companies have heated up in recent months.'

It claims 'several people briefed on the talks say that Apple executives have discussed launching a mobile “wallet” as soon as this fall for people to use their iPhones to pay for goods in physical stores.'

According to the report, new phones will include a ‘secure element’ to store such sensitive data.

The service will also run without any intervention by mobile phone firms.

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.