Apple is partnering with Visa, MasterCard and American Express to launch a payment service integrated with the iPhone 6 and new iOS 8 software.
The system will let users pay for goods with their iPhone instead of cash or a credit card; the payment will be made through NFC, where the iPhone is tapped on a receiver by the till - just like using a contactless credit card.
A report from Wired claimed the iPhone 6 - which will be announced at a media event on 9 September - claims the handset will have NFC, a first for any iPhone, and now Recode believes the company has partnered with American Express.
This was followed shortly after by a report from Bloomberg claiming Apple has also agreed deals with MasterCard and Visa, bringing their services to the iPhone 6 too.
The mobile wallet concept isn’t new - services from PayPal, Google and some high street banks already exist - but no one product has yet offered a solution to everyone. The popularity of the iPhone and Apple’s iTunes service, which could act as a platform from which to log into the payment app, might make the system a success.
Apple is widely expected to announce two versions of the iPhone 6 next week - one with a 4.7-inch screen and a 5.5-inch model - along with a highly anticipated wearable gadget dubbed the iWatch. The company will also state when the iPhone’s new software, iOS 8, will be available for owners of older models to download.
A report last week claims the iWatch could cost around $400 (around £240, before tax) and go on sale in early 2015. The event kicks off at 6pm UK time.