This week, as reported by Bloomberg, the creatives in Cupertino have struck a new agreement with American Express, MasterCard and Visa to work on an iPhonepayment system. 
The aim for Apple is to turn its smartphone into a mobile wallet, a device capable of paying for items using a similar system to the contactless payment technology built in most credit and debit cards.
The new partnership would allow Apple to use its large database of credit card details connected to iTunes accounts for music, apps, and other purchases.
However, despite past efforts from PayPal, Google and mobile phone providers, Apple plans to break the barrier on the mobile phone payment system. How it will work with retailers and if the service will be restricted to only the US is still unknown, but we'll soon find out on September 9th as Apple unveils its iPhone 6.