Apple is working on a mobile payments system, or digital wallet, that could be ready as early as this fall.
The service would allow customers to pay for physical goods just by using their iPhones instead of cash or credit cards, according to a report by The Information, citing sources "familiar with the matter."
Apple is in talks with partner companies to launch a Google Wallet competitor this fall, and some experts are saying the service may roll out with Apple's next smartphone device.
The next Apple phone is expected to be called the iPhone 6.
The report says that Apple is talking with Visa to form a partnership that could change the way consumers pay for goods.
A direct partnership, whether it's with Visa or another company, would be a big step toward bypassing the payment processing chain, thus saving customers and companies a lot of money.
Apple is also working on the technology behind the service, in hopes of releasing it soon.
Apple Insider reports that Apple hopes to integrate near field communication modules in its iPhone lineup, though at least one source claims the system will rely on Wi-Fi and Bluetooth.
Important customer information will most likely be stored in a device's secure enclave, or alternatively in the cloud.
Rumors have circulated for a while now that Apple is working on an e-wallet service, though the company has not felt rushed to release the service.
Rival company Google has already integrated its NFC-based Google Wallet service into the Android mobile operating system, whereas Apple has slowly rolled out more functionality for its Passbook app.
Apple recently introduced its iTunes Pass service, which allows customers to recharge iTunes accounts through Passbook by taking any iOS device into an Apple Store.
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