Apple executives have had recent conversations about launching an iPhone-based mobile wallet as soon as this fall, according to The Information. The company has reportedly told partners its mobile payment system would contain “secured element” hardware within the phones that would store sensitive financial information.
The Secure Enclave coprocessor in Apple’s A7 chip would likely fit the bill — as noted by Apple, it relies on a random number generator and encrypted memory to safely store information. It’s also noted that Visa is in discussions with Apple about a possible partnership to bypass third-party payment processors to lower costs.
Mobile payments from Apple have been rumored for years. But with Apple reportedly interviewing candidates for a mobile payment service, and CEO Tim Cook recently characterizing mobile payments as “an area of interest” while freely discussing the possibilities of such a service, perhaps we’ll see an iPhone wallet in the near future.
