Apple partners with Visa, Mastercard and American Express to launch biometric mobile wallet

Bloomberg reports that Apple has partnered with the big 3 credit card providers- Visa, Mastercard and American Express- to launch

Bloomberg reports that Apple has partnered with the big 3 credit card providers- Visa, Mastercard and American Express- to launch a mobile wallet, according to a person familiar with the matter.

The agreement will be officially announced on September 9, along with the next version of the iPhone.

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The wallet will enable payments from the iPhone, secured by Touch ID, a fingerprint recognition reader launched in the most recent model. The next edition will feature a near-field communication (NFC) chip to enable these payments.

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Commentators say that Apple hopes that the functionality will draw and keep users within its ecosystem. Its iTunes platform, which until now has served as Apple’s marketplace, can be expanded to generate advertising revenue from consumer brands vying to reach shoppers while in store.

Although Google has also invested in such technology, merchants have been slow adapting it. Some anticipate retailers warming up to Apple more quickly, citing ther ability to set standards in the industry and then get others to follow.

On Bloomberg, the article has garnered comments from Bitcoiners, more accustomed to hearing the “mobile wallet” terminology in the context of the technology they’re loyal to. One of the most recent comments reads, “WHATEVER APPLE, I’m just going to ignore your stupid wallet and stick with my bitcoin wallet for mobile payments.”

Several permutations of apps, enabling in-store purchases with bitcoin via a mobile device, have become available during the past 12 months.

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