An anonymous source told Bloomberg Apple is speaking with credit card companies, banks and retailers to create the iPhone wallet. It will contain a near-field communication chip that will allow users to pay for goods using the fingerprint touchpad introduced on the iPhone 5S.
Google has made similar efforts with a mobile wallet, but American retailers have been slow to adapt. However, Ben Bajarin, an analyst for Creative Strategies LLC, told Bloomberg if Apple builds it, people are more likely to come as they often set the trend for the industry. He also said the strategy is another way to entice Apple users into buying its products.
"It's about retention, solving and adding features that keep your base engaged and keeping them loyal," said Bajarin.
The wallet is expected to be announced at the same time as the iPhone 6, which is reportedly carrying one of the most significant overhauls to the market's leading smartphone.
The iPhone 6 is expected to be announced September 9.