Apple's e-wallet services poised to debut by this fall

Apple is in advanced discussions with major players in the payments industry to launch its digital wallet service.

Apple is reportedly in advanced discussions with major players in the payments industry, including Visa and PayPal, to launch its digital wallet services, most probably by this fall.

The new e-wallet service will enable users to pay for physical goods with their iPhone instead of a credit card or cash.

People familiar with the matter were quoted by The Information that Apple is in talks with partner companies to launch a Google Wallet competitor as soon as this fall.

A direct partnership with Visa or similar company will enable Apple to avoid establishment of complicated payment processing chain, saving money for both merchants and customers.

In addition, Apple is also developing a technology for mobile payments system. Sources report that the company planned to integrate near field communication modules in its iPhone lineup, though another person claims the system is to rely on Bluetooth and Wi-Fi.

Recently, Apple unveiled iTunes Pass that enables customers to recharge their iTunes accounts through Passbook by taking an iOS device into any participating Apple Store.