Apple is reportedly working with credit card companies to build a mobile wallet payments service

image TouchID

When Apple unveiled Touch ID, they kept it primarily close to the vest, using it for security on the device, and to make purchases through Apple’s digital services. With the unveiling of iOS 8, though, the company made it known they’d be opening it up to third-party developers. According to a new report, the mobile wallet payment service could still be in the pipeline as well.

A new report has been published by The Information, outlining the progress that Apple has made when it comes to developing a mobile wallet payment service for the iPhone. Apple has reportedly been discussing these plans with credit card companies for some time now, with the idea that the user’s credit card information would be uploaded to the digital wallet, and secured there on the device. With the use of Touch ID, another layer of security could be provided quite easily.

As tweeted by Amir Efrati, Visa is already on board with the idea, and Apple is still working with the other companies to bring the idea to life. The report also points to another “secure element” that would be installed in new phones, which would not have any input from the wireless carriers the phone may be connected to.

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. The company also aims to run the system without giving up any control to wireless carriers.

This is not the first time that talk of a mobile wallet payment service has been brought up when it comes to Apple or Touch ID, as a report earlier in the year would seem to lend credence to this progress report of sorts. Moreover, PayPal has already expressed interest in the idea. The service is said to launch as early as this fall, and it could very well be featured in the iPhone 6.

You can check out the full report through the source link below.

Would you use a mobile wallet payment service on your iPhone?

[via The Information]