1. Akshay Masand's Avatar

    After the recent news of Apple signing a deal with American Express, a new report states that the company has also signed deals with others such as MasterCard and Visa. Matt Townsend of Bloomberg recently reported that the deal with the other two companies is underway but neither the two credit card vendors nor Apple offered to comment on the issue.

    According to the folks over at AppleInsider, it was previously mentioned that MasterCard would be one of the initial partners. It was stated that MasterCard’s President of Global Products and Solutions alongside Ed McLaughlin, the firm’s Chief Emerging Payments Officer, would both be attending Apple’s September 9th media event.

    This isn’t too surprising to see as AmEx was to be “one of several partners” that Apple would need to sign up for their initiative to be successful. We already knew Apple was headed in this direction as the company had filed for patents that describe mobile payment systems utilizing NFFC (Near Field Communications) technology. Up until now, the company has relied on both Bluetooth and Wi-Fi for short range wireless functions, which was seen with iBeacon as well.

    NFC functionality has been long-rumored for iOS devices and it appears that it may finally be the right time for it to be implemented. We’ll ultimately have to wait and see but we’ll find out for sure on September 9th after Apple unveils its next-gen iPhone.

    Source: Bloomberg, Re/code via AppleInsider

    Twitter: @AkshayMasand
    2014-09-02 06:29 AM