Could your iPhone replace your wallet? Apple developing iWallet app that could act as a credit card

According to tech blog The Information, 'conversations between Apple and payments-industry companies have heated up in recent months.'
It claims 'several people briefed on the talks say that Apple executives have discussed launching a mobile “wallet” as soon as this fall for people to use their iPhones to pay for goods in physical stores.'
According to the report, new phones will include a ‘secure element’ to store such sensitive data.
The service will also run without any intervention by mobile phone firms.
Apple has told some partners its system would involve a so-called secured element in the phones—a piece of hardware where sensitive information such as a phone owner’s financial credentials can be stored.

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