Apple has plans to allow its next iPhone to become a mobile wallet by allowing users to securely make mobile payments in a store just by using their finger, according to a report by Bloomberg.

The report cites a person "familiar with the situation."

The iPhone-maker has reached an agreement with Visa Inc, American Express Co, and MasterCard Inc., according to the source, who didn't want to be identified since talks are private.

Apple's new device will simplify mobile payment by including a communication chip, along with a fingerprint recognition reader that debuted on the most recent iPhone device.

Officials from Apple, Visa, MasterCard and American Express have not commented on the deal yet.

Apple officially invited media last week to a "special event" in its hometown of Cupertino, California, on Sept. 9, when the company is expected to debut the latest iPhone.

The company is expected to debut a larger 4.7-inch and 5.5-inch iPhones at the event, a move that could be driven in part by the success of larger devices by rivals like Samsung Electronics.

The device will run on Apple's next-gen iOS 8.

Apple is also expected to introduce its long-awaited smartwatch at the event as well.

Rumored specs for the next iPhone includes: 1704 x 960 pixel resolution, a faster A8 processor, camera upgrades, and a more durable, sapphire screen.

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