Apple’s Mobile Wallet Talks Heat Up
By Amir Efrati
Conversations between Apple and payments-industry companies have heated up in recent months, with several people briefed on the talks saying that Apple executives have discussed launching a mobile “wallet” as soon as this fall for people to use their iPhones to pay for goods in physical stores.
Apple has long been expected to make such a move, but it’s been cautious so far amid failed efforts by Google and others to enable payments and other transactions by phone. Now, though, the company’s plans are coming into greater focus.
Apple has told some partners its system would involve a so-called secured element in the phones—a piece of hardware where sensitive information such as a phone owner’s financial credentials can be stored. The company also aims to run the system without giving up any control to wireless carriers.