Natalie Parkinson
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Apple said to team with Visa, MasterCard on iPhone wallet

Apple Inc. plans to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, according a person familiar with the situation.

The agreement includes Visa Inc., MasterCard Inc. and American Express Co. and will be unveiled on Sept. 9 along with the next iPhone, said the person, who asked not to be identified because the talks are private.

The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, the person said. That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone, will allow consumers to securely pay for items in a store with the touch of a finger.