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NEW YORK (TheStreet) -- Apple (AAPL) - Get Free Reportis developing a new tap-to-pay feature for its iPhones in Japan for mass-transit use, according to sources cited by Bloomberg.

The new iPhone model will use Sony's (SNE) FeliCa technology to allow Japanese users to pay for public transportation with their mobile devices rather than payment cards.

Near Field Communication technology operates mobile Apple Pay services in North America, Europe and Australia, but FeliCa is the standard across Japan.

Apple is looking to launch the service in its newest iPhone edition set for release in September, sources told Bloomberg.

Shares of Apple were down in pre-market trading on Friday.

(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: AAPL

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