The company is currently in discussions with many banking institutions and credit card associations.
According to reports, the supposed system would store the user's sensitive data like financial credentials on their smartphone's secure element.
However, there were no details on how Apple intends to manage information transfer.
The company has apparently informed partners about its utilization of near-field communication chips.
Apple might also bring its focus on Bluetooth and Wi-fi, reports the Verge. (ANI)
Most Popular Stories
- Rackspace Ends Talks About Possible Acquisition
- Mercedes Rolls Out S550 Plug-in Hybrid
- Plus-Size iPhones Live Up to The Hype
- FedEx Adding 50,000 Holiday Jobs
- Toxic Algae Threatens Florida Fishing, Tourism
- Cool Features on Today's New iOS 8
- Missouri GM Plant Adding 750 jobs
- Family Dollar Spurning Bid From Dollar General
- Kohl's Hiring 67,000 for the Holidays
- Poverty Rate Drops for First Time Since 2006