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August 5, 2014updated 04 Apr 2017 4:06pm

Apple, Visa may form alliance for mobile payments, says report

Apple and Visa could collaborate to set up a mobile payments system, says a report by Pacific Crest Securities, with the announcement expected by this fall.

By Verdict Staff

Apple and Visa could collaborate to set up a mobile payments system, says a report by Pacific Crest Securities, with the announcement expected by this fall.

The report says "We expect Apple to provide a platform for merchants to build apps with embedded mobile commerce and secure connection to credit cards."

Analysts say that it would make strategic sense for Apple and Visa to collaborate. Apple has a sizeable base of affluent users and customers which could fuel more growth in mobile payments.

Apple could use its large base of iTunes accounts and cards on file (about 800 million), along with Passbook and a new token partnership with Visa, to provide a highly scalable payments platform.

They further added that the news of changes in Visa’s system, including improved security, could allow tech companies to enhance and expand their mobile payments systems.

It would also make sense for Visa to partner with a device vendor with a large user base.

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