“iPay” Electronic Money System Could Make A Debut On Apple’s iPhone 6

"iPay" Electronic Money System Could Make A Debut On Apple's iPhone 6(Ping! Zine Web Tech Magazine) – The latest rumors surrounding the iPhone 6 suggest that the device will feature a near field communication chip that will integrate a new mobile payment system into the device.

According to a report from AllAboutApple, the electronic money system, which they refer to as “iPay”, will most likely make its debut with the release of the iPhone 6.

Earlier this year CEO Tim Cook discussed his interest for mobile payments in a quarterly financial result conference, stating that the company is very interested in the idea.

“For mobile payments-the direction in which we are interested… It was one of the ideas that stood for Touch ID,” said Cook.

If “iPay” is integrated into the iPhone, users will be able to make payments directly from their phones without having to swipe a credit card, a feature that its competitors have already made available through systems such as Google Wallet.