There has been already plenty of fuss and discussion around Apple Inc.’s (NASDAQ:AAPL) new product iPhone 6 and its innovative payment system, which is supposed to include American Express Company’s (NYSE:AXP) support. According to re/code, Apple Inc. (NASDAQ:AAPL) might actually make the concept of mobile wallets to work, unlike some partly-successful attempts from competitors like Google Inc. (NASDAQ:GOOG).
It is believed that Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA) have already given their support towards the implementation of the new payment method and that American Express Company (NYSE:AXP) is the only one’s that’s left for the Cupertino, California, based company to complete its master plan. This cooperation between the giants should make the iPhone 6 a universal device that can be also used as a debit card, credit card or cash to pay for goods in brick-and-mortar shops. The customer will have to just present their phone to finalize the purchase. It is currently uncertain which retailers will allow such form of payment.
An issue probably faced or to be faced regards the institutions responsible for the client’s card. However, if Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA) are already on its side, there must be no difficulties related to the subject matter, otherwise, the bank must be contacted to make the magic happen. Assuming everything goes well, we might be witnessing the end of speculations about when Apple Inc. (NASDAQ:AAPL) will take advantage of its massive collection of cards registered on iTunes and App Store.
At this point there are no comments from neither of the sides, American Express Company (NYSE:AXP) being particularly silent. Security reasons might be the major impediment to the flow of information. Anyways, quite soon it will all become available not only as theoretical knowledge, but also applicable mastery. For what it seems, there will be no difference in security matters between the iPhone and a regular card, thus if you’re planning to buy Apple Inc.’s (NASDAQ:AAPL) new product, you might want to say goodbye to your American Express Company (NYSE:AXP)’s plastic.