Apple has plans to include near-field communication (NFC), which can be used to make payments wirelessly, in its upcoming smartwatch,

The company is also expected to equip its next iPhone device with the technology, which can be used to transmit data wirelessly over short distances, according to the Wall Street Journal.

Apple's smartwatch will be available for purchase in two sizes. It will also have sensors designed to track and monitor health, sources "familiar with the device," told the paper.

Interested customers shouldn't lineup to purchase device yet however, as it will likely receive an early 2015 release date.

NFC lets users make payments for services and good with credit cards stored with Apple's iTunes content store.

Apple has not confirmed any rumors regarding a smartwatch device yet.

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

Larger 4.7-inch and 5.5-inch iPhones will likely debut during the event, a move 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

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

The long-awaited smartwatch is also expected to debut during the event as well.

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