9 Apple Rumors That Could Change the Payments Industry

Published August 17, 2012 4:24 PM

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Updated October 20, 2016 10:50 AM

1 Min Read

Workers apply an Apple Inc. logo to the exterior of the Moscone West Center in San Francisco, California, U.S., on Thursday, June 7, 2012. Apple's annual Worldwide Developers Conference, which features the latest products and includes sessions to show developers how to build software for the company's products, kicks off on Monday June 11 and runs through June 15. Photographer: David Paul Morris/Bloomberg

David Paul Morris/Bloomberg

(Image: Bloomberg News)

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Adding Expertise

Speculation about payments began as far back as August of 2010 when Apple hired Benjamin Vigier, who played a key role in developing successful mobile payment applications for PayPal and Starbucks. (Image: ThinkStock)

NFC Payments

This is an old rumor (by late 2011 Apple had already been granted 31 patents on near-field communication) but it was given new life by leaked images of the iPhone's new antenna design. The updated design could finally accommodate NFC tech for contactless payments and upset NFC initiatives at many other companies. (Image: ShutterStock)

Dock Connector

Apple is rumored to use a new dock connector for its next iPhone. Any payment-acceptance hardware that uses this connector, rather than the headphone jack, to communicate with the phone would need to change its design. (Image: ShutterStock)

Visitors try out Apple Inc.'s new iPad at KT Corp.'s Gwanghwamun store in Seoul, South Korea, on Friday, April 20, 2012. Apple Inc. started selling its new iPad in Korea and Malaysia today. Photographer: SeongJoon Cho/Bloomberg

SeongJoon Cho/Bloomberg

Mini iPad

Many people expect Apple to announce a smaller version of its iPad, similar in size to Google's new Nexus 7 tablet. Perhaps Apple will also add an NFC chip to this version, so that it can make payments like the Nexus 7 does with Google Wallet. (Image: Bloomberg News)

Passbook

Apple's Passbook app is no rumor, but it's possible that there are some features only Apple knows about. Passbook certainly looks like the foundation of a mobile wallet that would compete with established players. (Image: ShutterStock)

An Apple Inc. iPhone 4S smartphone is displayed at a KDDI Corp. shop in Tokyo, Japan, on Friday, Oct. 14, 2011. Apple Inc. is poised to sell as many as 4 million units of its new iPhone 4S this weekend as customers around the world clamor for one of the last products developed under Steve Jobs. Photographer: Tomohiro Ohsumi/Bloomberg

Tomohiro Ohsumi/Bloomberg

Travel Time

In early July, Apple received a patent for a theoretical iTravel application, a service for NFC-enabled phones that allows consumers to buy airline tickets and then use their phones to board. Such a straightforward use case could catch on fast with consumers. (Image: Bloomberg News)

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Anterovium

4G

The next iPhone might have a faster 4G data connection, as the new iPad does. This would allow mobile wallets to make faster payments if it works. 4G coverage is still spotty, and Apple even had to remove the "4G" label from its iPad in some regions to avoid misleading customers. (Image: ThinkStock)

Raymond Zhang uses his Apple Inc. iPhone 4S in front of an Apple store in San Francisco, California, U.S., on Tuesday, April 24, 2012. Apple Inc. profit almost doubled last quarter, reflecting robust demand for the iPhone in China and purchases globally of a new version of the iPad, allaying the growth concerns that sliced shares 12 percent in two weeks. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Raymond Zhang

David Paul Morris/Bloomberg

iMessages

The next iOS operating system should greatly improve Apple's iMessages system. This update could boost the capabilities of payment technologies that rely on text messages for alerts, receipts and other functions. (Image: Bloomberg News)

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Sergei Popov/Getty Images/Hemera

Bigger Screen

The next iPhone is rumored to have a bigger screen, which could allow it to present more data to users during the payment process. It could also allow easier-to-read bar codes for mobile wallets. (Image: ThinkStock)

Phil Schiller, vice president of worldwide product marketing at Apple Inc., speaks during an event at the company's headquarters in Cupertino, California, U.S., on Tuesday, Oct. 4, 2011. Apple Inc., in its first product unveiling since Steve Jobs resigned as chief executive officer, introduced a faster iPhone with voice features and a higher-resolution camera to help it vie with Google Inc.'s Android. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Phil Schiller

David Paul Morris/Bloomberg

The Anti-Rumor

Apple's head of worldwide marketing, Phil Schiller, told The Wall Street Journal that the company does not intend to compete in the digital-wallet market. Don't read too much into that Steve Jobs used to say Apple had no interest in developing a phone or a tablet. (Image: Bloomberg News)