Apple Pay rewards expected to launch later this year

Apple Pay is live and this is great for those who own either the iPhone 6 or the 6 Plus. Now there have been rumors that there could be some kind of Apple Pay rewards program. The rumors had suggested that the service could be launched in 2015, but now thanks to a new report from Bank Innovation, it seems that the rewards program could be launched this year in time for the holidays.

Apple Pay is finally here, but for now paying for your lunch with an iPhone isn’t exactly the magical experience some people were expecting—even if it is crazy fast. That may change later this though year as Apple rolls out an accompanying rewards and loyalty program, at least according to a report from Bank Innovation. The incoming rewards program may actually hinge on another piece of Apple technology: iBeacon. The location-based sensors have already been installed in stores around the country, and now they’re primed to work alongside Apple Pay.