Apple Has Reportedly Partnered With American Express For Mobile Payments On The iPhone

Apple has signed up a major partner for its mobile payment system.

Jason Del Ray at Re/code reports, "Apple has reached an agreement with American Express to work together on its new iPhone payments system, according to sources familiar with the talks."

This is the second major credit card company to work with Apple for an iPhone payments system. At the end of July, Amir Efrati at The Information reported, "Visa had agreed to work with Apple's payments product."

Neither report has tons of details on how Apple's mobile payment system will work. It seems like Apple will keep credit card information securely on the phone, and when it's time to pay for something at a store, the user will just place their phone against a payment device.

For years, analysts have wanted Apple to get into the mobile payments space. It looks like it's finally, going to happen, though it's unclear how it develops into a significant new revenue stream for Apple.