Apple said there's a possibility of using the iPhone as a credit card by this fall just in time for the holidays.

According to The Information, a website dedicated to professionals who need the inside scoop on technology news and trends,Apple is currently meeting with Visa officials and other credit card companies regarding mobile payments partnerships.

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Apple's new service will let the users pay for physical goods on the internet, in app stores and retail stores by using the iPhone as a credit card.

Apple is aiming to make the iPhone a direct line of payment for credit card companies.

Apple wants both retailers and consumers to save money by skipping fees which normally are paid to third-party payment processors.

The Information allso said Apple is planning to run the system without leaving the control to wireless mobile carriers. Apple also talked about the security of its plan.

They said their system for the new service involves "so-called secured element in the phones—a piece of hardware where sensitive information such as a phone owner's financial credentials can be stored."

The company integrated a "secure enclave" as part of the A7 processor for safely storing fingerprints from the Touch ID sensor on the iPhone 5s.

Apple has the ability to secure the stored financial data. It is also expected that Apple will incorporate the Touch ID sensor in future iPhones and iPads.

There have been rumors that Apple's new service will utilize the Touch ID in authorizing payments. Apple's Passbook app will act as a virtual wallet for credit cards.

With the popularity of mobile payments, it's not a surprise that Apple will venture into the field.

Forrester Research, an independent technology and market research company, said that Americans will spend an estimated US$90 billion on mobile payments by 2017.

TagsApple Inc., Tech, mobile payment, Credit Card, iPhone as credit card, iPhone, Ipad