Confirmed: Apple's Smartwatch Will Be Able To Make Payments

Apple iWatch concept designFederico CiccareseAn artist’s rendering of Apple’s smartwatch.

The smartwatch Apple is expected to unveil on Tuesday will contain a near-field communication (NFC) chip, according to the Wall Street Journal.

An NFC chip would allow Apple’s smartwatch to transfer information — and process payments — with any other NFC-equipped device.

Apple is expected to debut a new payment platform alongside the iPhone 6 and the iWatch. It’s now clear that Apple is keen on making the iWatch a replacement for all of the plastic cards you carry around all day.

The Wall Street Journal also notes that while we may see Apple’s smartwatch next week, we’re unlikely to see it in stores until next year. The WSJ also says that the watch could come in two different sizes.

Despite Apple’s track record of hardware innovation, the iWatch is not expected be as big of a hit with consumers as the iPhone has been.

Here’s what Morgan Stanley predicts for iWatch sales, charted by Business Insider Intelligence:

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