New Apple iPhone to have mobile wallet function

Apple Inc plans to enable its next iPhone to become a mobile wallet by allowing owners to securely make mobile payments in a store with the touch of a finger, Bloomberg said, citing a person familiar with the situation.

Apple Inc

plans to enable its next iPhone to become a mobile wallet by allowing owners to securely make mobile payments in a store with the touch of a finger, Bloomberg said, citing a person familiar with the situation.

The agreement includes participation by Visa Inc., MasterCard Inc and American Express Co and will be announced on September 9 along with unveiling of the next iPhone, according to the source, who Bloomberg said asked not to be identified because the talks are private.

The new iPhone will simplify mobile payment by including a special communication chip, along with a fingerprint recognition reader that debuted on the most recent iPhone, the source said.

Officials could not immediately be reached at Apple, Visa, Mastercard and American Express.