New iPhone sees the wallet disappear
New iPhone sees the wallet disappear

Is this the new iWatch?

Wallets may soon be a thing of the past if recent reports about Apple's new suite of products are anything to go by.

According to reports the California technology giant has big plans to take the leather out of your back pocket with its range of devices set to launch on September 9.

After leaks earlier this week that the new iPhone will also act as an electronic wallet, the Wall Street Journal is now reporting that the iWatch will also be a mobile wallet, apart from being a fitness accessory.

Yahoo Finance

Reports also suggested this morning Apple's new iPhone6 could cost close to $1000 in Australia, with Apple addicts in Sydney already offering $150 for "line standers" so they can get their hands on the new phone first.

The WSJ reports that both devices - the iWatch and iPhone - will be fitted with NFC (Near Field Communication) which will enable tap-and-touch payment.

Reports have also surfaced that Apple has reached deals with American Express, Visa, and MasterCard for its mobile payment service, bringing the world's top credit card companies onboard for the imminent launch.

While rumour mills are abuzz that the iWatch won't go on sale until next year, there has been a consistent stream of leaks about its major features.

According to reports, Apple's senior vice president of design, Jony Ive, boasted that the wearable device will be so cool, it could have the Swiss "sweating bullets".

What the new iWatch and iPhone could look like.

The comments may have been tongue in cheek, but investors are starting to pay more attention to the possible device. KGI Securities analyst Ming-Chi Kuo suggested in a note to investors that the new wearable device could come in different colours and sizes, and would likely not hit the shelves until 2015.

Kuo speculated that the iWatch would come in a variety of colours including gold, and would likely be available with a 1.3-inch display as well as a 1.5-inch.

is the wallet dead

So, is the iWatch bigger than investors are giving it credit for?

"Initial demand for the iWatch should be strong given Apple's 'cult like' following," Cowen and Co.'s head of sales trading, David Seaburg, told Yahoo Finance. "However, I don't believe it will be a huge driver of future revenues and I expect the luster to fade quickly. Look at Samsung's watch as an example."

Seaburg isn't standing alone. Chad Morganlander of Stifel's Washington Crossing Advisors doubts Apple's latest and greatest will move the needle long term. "Apple has a tremendous revenue line.

Over the course of 2015, our expectations are close to $200 billion in revenues."

The West Australian

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