A latest news report from Bloomberg said Apple has partnered with Visa and MasterCard for the upcoming iPhone 6 mobile wallet.
The agreement will be revealed on September 9 with the launch of new iPhone 6 and will include Visa, MasterCard and American Express.
Bloomberg said the new iPhone 6 is expected to provide the users with an easier mobile payment process with the inclusion of a near-field communication (NFC) chip.
The new smartphone will also feature a fingerprint reader which was first brought to the iPhone 5s, which will allow users to pay for items in a store with the touch of a finger.
The Apple-built iPhone wallet will also use NFC to communicate with payment terminals at retail stores and the TouchID fingerprint sensor to authenticate user and make the experience safe, like Google Wallet and ISIS for Android phones.
Apple’s move into the mobile wallet field has long been predicted, cashing in on its 800 million iTunes accounts.
Industry analysts say a frequently used mobile wallet application could generate about $300 a year per user from advertising.