The New IPhone Will Replace Your Old Wallet
The new iPhone 6 will be unveiled on Tuesday...and it could be the future of shopping with it's latest features.Perhaps in an attempt to one-up the smartphone competition, the new iPhone will have a mobile payment system that can replace carrying cash and credit cards.This e-wallet allows you to walk up to the register with your products, present your iPhone, and transaction complete.
While Apple hasn't clarified exactly how an average store would receive funds from your account or credit cards, the key to the technology seems to be the NFC chip. NFC stands for near field communications, which allows for transferring data between devices in a small space, or specifically, touching the iPhone with a receiver of some kind. According to a Time.com article, this chip allows for quick and secure transactions.
The article also describes how your iPhone will carry your credit or debit card information safely. The short answer is your iTunes account. Since almost all iTunes accounts are linked to at least one credit card in order to purchase music, movies, or anything else through iTunes, the idea is that credit card companies send the statements to your account. So far, some of the biggest credit card companies like Visa, American Express, and MasterCard have to come to agreements with Apple on the process.
While Apple isn't the first company to use NFC technology and credit card storing, it's expected that the new iPhone will popularize it. This would start the trend of stores participating in the process and buy the necessary equipment, as traditional credit card machines won't be able to process the NFC information.