NEW YORK (TheStreet) -- Shares of Apple Inc. (AAPL) are up 0.72% to $103.24 in pre-market trade after it was reported that the company plans to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, sources told Bloomberg.
Watch the video below for more on Apple's deal with payment processors:
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The new iPhone will make mobile payment easier by including a near-field communication chip for the first time, according to Bloomberg sources.
That advancement along with Touch ID, a fingerprint recognition reader that debuted on the most recent iPhone, will allow consumers to securely pay for items in a store with the touch of a finger.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."