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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, according to a new report.

Apple (AAPL) has lined up agreements with credit card giants Visa (V), American Express (AXP) and MasterCard (MA) and tentatively is set to disclose the payment plans on Sept. 9, along with the company's newest iPhone, Bloomberg News reported Sunday.

News that the California-headquartered tech giant was in talks with the the payment processors had been reported earlier this summer. But Apple has now negotiated partnerships with banks and retailers as well, Bloomberg reported.

The report was based on information from a person familiar with the agreements who asked not to be identified because the tentative deals are still private.

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, according to the report. In tandem, the features will enable users to complete transactions in some stores "with the touch of a finger," Bloomberg reported.

Representatives of Apple and MasterCard declined to comment. Visa and American Express officials didn't immediately respond to requests seeking comment, Bloomberg reported.

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