Apple has signed up all the major partners for its mobile-payment system.
Jason Del Ray at Re/code reports, “Apple has reached an agreement with American Express to work together on its new iPhone payments system, according to sources familiar with the talks.”
This is the second major credit card company to work with Apple for an iPhone payments system. At the end of July, Amir Efrati at The Information reported, “Visa had agreed to work with Apple’s payments product.”
Following both of these reports, Bloomberg says Apple has also signed up Mastercard.
None of the reports have much in the way of details on how Apple’s mobile-payment system will work. It seems like Apple will keep credit card information securely on the phone, and when it’s time to pay for something at a store, the user will just place their phone against a payment device.
For years, analysts have wanted Apple to get into the mobile-payments space. It looks like it’s finally going to happen, though it’s unclear how it develops into a significant new revenue stream for Apple.