Apple’s mobile payment system is expected to let shoppers wave or tap their phone at checkout terminals, in part using a wireless technology known as near-field communication, or NFC, to transmit payment information from a phone to a store’s checkout system. The soon-to-launch iPhone 6 is expected to be the first Apple device to include NFC technology. Sources caution that Apple’s payment system may in some cases employ additional wireless technologies either in conjunction with, or in place of, NFC. The new payment method will also likely include the use of fingerprint identification already available on the latest iPhones as an added security measure.
Getting the two companies involved is said to be a coup because people shop there often - weekly or even daily. This is thought to be important to Apple as it helps people get accustomed to the service.
Apple and Walgreens declined to comment but CVS spokesperson Mike DeAngelis said, “We don’t know what Apple may be planning in terms of a payment system so it is not possible for us to say whether it is something our stores may be able to accept.”
Apple is expected to debut its payments service on Tuesday, September 9th and recent reports say that it will work with Visa, American Express, and MasterCard. We'll have many more details on how it functions and when it will launch, if it is announced. Please follow iClarified on Twitter, Facebook, Google+, or RSS for updates.