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Apple’s next iPhone will be a so-called mobile wallet that enables users to make credit card payments with just their phone in some stores. Apple has lined up agreements with credit card giants Visa, American Express and MasterCard and tentatively is set to disclose the payment plans on Sept. 9, along with the company’s newest iPhone. The new payment system will be based on a near-field communication chip that works in combination with Touch ID, a fingerprint recognition reader developed by Apple. Representatives of Apple and MasterCard declined to comment.

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