Fox News reports that Apple, the world’s most valuable company, is set to unveil a brand-new form of electronic payment system this week that will feature Apple Pay as a third-party payment provider.
Apple will hold its own “Pay in a Minute” event at its Cupertino headquarters on Wednesday to unveil the service.
The news comes just days after Coca-cola announced a partnership with Apple for its “Cash on the Door” app.
The app allows consumers to send cash directly to their Apple Watch, iPhone or iPad via Bluetooth and the Apple Watch’s built-in camera, which can be tapped to confirm the transaction.
Apple Pay will be available for purchase with cash or debit cards and will work with both credit and debit cards.
“This will be an opportunity for Apple to show off how its products work and what’s possible with Apple Pay,” said Michael Moritz, an analyst with Wedbush Securities.
Apple also said that it will announce new services for its iPhone, iPad and Mac devices later this year.
Apple CEO Tim Cook has long touted the technology as a way to cut out the middlemen and bring a digital wallet to the masses.
Apple’s move into e-Commerce has been a long time coming.
Last month, Apple partnered with Amazon to launch its Pay app for both e-reader and mobile devices, a move that also marks the first time that Apple has partnered with a major e-retailer.
Apple previously announced its first-ever online store for the iPhone and iPad in June, but it is now pushing out its new app to its millions of existing customers.
Apple and Starbucks, two of the largest U.S. coffee chains, are also set to launch their own versions of the Apple Pay app.