Shares of Apple were gaining 0.3% to $99.22.
The so-called iWatch can use NFC to enable mobile payments, letting users pay at stores using the credit cards stored in iTunes with a tap, according to the Journal. Apple is also expected to use the wireless technology in the iPhone 6 for mobile payments and easy Bluetooth pairing with the wearable and other accessories.
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Apple's smartwatch will reportedly come in two sizes and feature a curved OLED display. In addition to NFC, the device will include sensors that will help users track health and fitness data.
While Apple may debut its new wearable on Sept. 9, the device may not be available for purchase until early 2015, the Journal notes.
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."