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Apple Creating New Payments Platform



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    The new iPhone 5S is displayed during an Apple product announcement at the Apple campus on September 10, 2013 in Cupertino, California. The company launched the new iPhone 5C model that will run iOS 7 is made from hard-coated polycarbonate and comes in various colors and the iPhone 5S that features fingerprint recognition security.

    Apple is creating a new payments platform for use at several retailers including the department store chain Nordstrom, reports say.

    Nordstrom will be one of Apple's "early merchant partners" as it launches its new platform likely Sept. 9, according to Bank Innovation. Unnamed sources reported that Nordstrom has been briefed on the Apple platform and upgrades and that Apple and the retailer have been in recent negotiations.

    The report said that Apple wanted a "high-end brand" looking for "digital innovation" and that Nordstrom was the perfect fit. Other merchants have also made upgrades to "mobile point-of-sale systems to work with the iPhone 5S."

    The new payments platform is expected to be unveiled on Sept. 9 during Apple's big event.

    We're not sure why a new mobile payments platform system from Apple is innovative, but we also haven't seen it in action. Perhaps it will be revolutionary, or perhaps it's merely a perk for those with an iPhone 5S.