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iPhone 6 will function as 'mobile wallet' following Apple deal with Visa - reports

Apple's next smartphone will reportedly use near field communication technology to allow contactless payments

Apple’s ambitions for the iPhone 6 to function as a ‘mobile wallet’ seem to be growing, with the Californian tech giant reportedly agreeing on a deal with Visa, MasterCard and American Express.

The unreleased smartphone will reportedly use a near-field communication chip like those found in contactless bank cards and Oyster travel cards to make payments, with the fingerprint scanner Touch ID used to secure these, reports Bloomberg.

The financial news site cited unnamed sources, but the report echoed a similar article from Wired magazine last week claiming that mobile payments will be “one of the hallmark features of the device”.

LIVE: Apple iPhone 6 event

Apple is widely expected to release two new iPhones at an event on September 9th with two different screen sizes – 4.7-inches and 5.5-inches – both larger than 4-inch display on the iPhone 5s.

If Apple is indeed embracing mobile payments it could prove to be the boost the technology needs for widespread adoption.

Although Android devices have offered similar features for years, the market has yet to achieve the critical mass needed to really take off, with retailers not offering mobile payment terminals because customers don’t use them and vice versa.

Tech analysts have said that Apple will have a number of advantages in this sector, the single largest being their iTunes customer base.

More than 800 million individuals already have their credit card details logged in Apple’s system and are happing spending their money on music, movies and apps using their mobile.

Transforming these customers – who are more likely to be affluent and from Western countries – into mobile payment users could move the entire industry forward nearly overnight.