According to a report by The Information, the company is actively preparing the release of its mobile payment system.
The new service will allow iPhone owners to use their smartphone for direct purchases of goods and services.
Cupertino is reportedly talking to several credit card operators and other companies in the industry and the service is said to be close to the final version.
According to the report, a “secured element in the phones” for storing the user’s credit card information will be provided.
Mobile operators should not be involved in the project as Apple will retain control.
This new system would provide significant cost savings and would eliminate the need to use third-party services.