According to The Information, Apple has been negotiating for some time with a host of firms, including Visa, about such a possibility and these negotiations are said to have intensified over recent months.
In fact, the publication's unnamed sources claim that Apple is working on a mobile wallet that it hopes to include as a feature on the iPhone 6, itself widely rumored to be unveiled in mid-September.
The mobile payments marketplace, in the US at least is already rather crowded thanks to everyone from Google to Square attempting to convince consumers to ditch cash -- which can be easily carried in a pocket -- for a smartphone, which often doesn't fit in a pocket and which needs to be charged in order to work.
Unsurprisingly, most of these efforts are failing to capture the public's imagination and so the stage is perfectly set for Apple to swoop in with a simpler, smarter and more desirable take on the technology that will chime with consumers and that will have been informed by the mistakes already made by competitors.
Apple already offers the Passbook service on the iPhone which enables users to store virtual tickets for things like concerts and sporting events on their handsets and, although a very basic app, it has proved incredibly popular in the US in particular and some experts believe that the mobile payment system will be offered as an extension to Passbook's existing functionality.