Apple teams up with American Express for its mobile payments service

There have been many reports over the past few months that Apple is looking to enter into the mobile payments space. A report published today claims that the company has teamed up with American Express for a new iPhone payments system. Apparently American Express is the biggest of several partners that Apple will bring onboard before it launches this service. If whispers are true then this new iPhone payments service might be announced at Apple’s September 9th event.

Apple has reached an agreement with American Express to work together on its new iPhone payments system, according to sources familiar with the talks. American Express is one of several partners Apple will need to sign up before it can launch its new payments plan, which sources say it plans to announce at its September 9 product event. Apple’s new payments system is expected to let iPhone 6 owners use their phones in place of credit cards, debit cards or cash to pay for goods in brick-and-mortar stores. Customers will present their phones at the checkout counter of partnering retailers to transmit payment information to complete a purchase. It’s not clear which retailers have signed on to accept such payments. In the lead up to the announcement, Apple has held discussions with multiple credit card networks about the new payment product, sources say. The news site The Information previously reported that Visa had also agreed to work with Apple. Representatives for Apple and American Express declined to comment.