MANILA, Philippines – Reports say Apple is working with American Express (AMEX), Mastercard, and Visa to form a new iPhone payments system.

The reports, which come from Bloomberg and tech website Re/Code, say that iPhone 6 owners would be able to use their phones to pay for goods and services in physical locations.

By presenting their phone at the checkout counter of a participating service, users can transmit payment information through the phone to purchase what they want. Bloomberg has said that Visa, Mastercard, and AMEX are on board, while Re/Code notes AMEX in its report, with both noting a source familiar with the situation.

More information should be available on September 9, during Apple’s next product unveiling which assumes a new iPhone reveal along with other potential announcements. – Rappler.com