Apple May Launch 'iWallet' Mobile Payment Software with the iPhone 6

The next revolution in mobile tech very well may be the ability to make payments with your phone. While this is not a new concept (Google's 'Google wallet' has been out for years) the industry has been slow to adopt the idea. That may all change this fall with the launch of Apple's next iPhone. 

BGR reports that Information Times has learned that Apple is seriously considering launching a "mobile wallet" app with the iPhone 6 in September.

The so-called "iWallet" would allow users to make payments in person using only their iPhones. While Apple has been been rumored in the past to be on the verge of launching a mobile payment solution, it's never become a reality. 

Information Times is claiming this year should be different because, according to its sources, Apple has been in serious discussions with various payment companies "in recent months," even stating that the talks have "heated up" of late. 

It is still unknown what form of technology Apple might use if they do end up launching an iWallet app this fall, be it NFC, Bluetooth or Wi-Fi. But based on previous patents the company has filed for, they clearly have the technology in place to make it happen. 

One reason that it may have taken Apple this long to bring a mobile payment solution to iOS users is that Apple, notorious for always wielding absolute control over their hardware and software, is refusing to cede any amount of control over thier payment app to mobile carriers--or anyone else for that matter.

And make no mistake, it's well known that mobile carriers (like Verizon, in particular) have long coveted launching their own mobile payment apps, and aren't exactly pleased to see large companies like Apple and Google beat them to the punch.   

VISA is reportedly one partner Apple is currently in discussions with, and if true, such a partnership could potentially make mobile payments much easier for customers and retailers alike, thanks to VISA's already ubiquitous presence. 

If Apple does decide to bring the iWallet to iPhone 6 users this fall, it's unclear at this point if any other previous iOS devices might also be able to run the new app as well.

But it makes sense that in order for devices to run iWallet, they would at the very least need Touch ID in order to secure the sensitive information necessary to process payments.