Insight into Apple’s iWallet

According to the reports, Apple could unveil their own payment system and an NFC equipped iPhone 6 at the launch event on 9th September. There are always speculations from past few years that Apple might launch their own form of mobile payments that allows the users to pay for the services and goods with the help of iPhone. The company first takes some steps in 2012 when they launched Passbook app. But after that company does not expand it further into true mobile payments systems.  Paying for services from your smartphone technology exists where users can tap their NFC enabled Samsung Galaxy S5 at point of sales terminals which is being found in many Walgreen drug stores. Apple’s entry will just provide a boost which is required in the market. Hall in an investor’s note on Friday said that there are high chances that the Company might announce a mobile payment capability along with the release of much awaited smart phone iPhone 6. He sees many possibilities but this one is the most likely that they expect Apple to start from small things by enabling iOS device users to carry virtual representation of selected credit cards on their devices like in Passbook. In return they expect Apple to charge a small transaction fee every time a virtual card is used. But Apple Company has declined the comment on Hall’s note.