THE NEWS WRAP: Apple partners with Amex, Mastercard and Visa for iPhone 6 payments

Apple is partnering with American Express, Mastercard and Visa, to enable iPhone 6 owners to pay for goods in physical stores.

Sources have told Re/code that American Express has agreed to be part of the company’s mobile payments platform, while Bloomberg sources confirmed the involvement of Visa and Mastercard.

The new payments system is expected to let iPhone 6 owners use their phones in place of credit cards, debit cards or cash to pay for goods in brick-and-mortar stores.

It’s not clear which retailers have signed on to accept such payments.

Alibaba IPO planned for next week

Chinese e-commerce giant Alibaba, will hold what is expected to be the world’s largest initial public offering next week, a source familiar with the deal has told The Wall Street Journal.

The deal could raise more than $20 billion and be the world’s largest in years, and would mean Alibaba shares would begin trading as soon as September 18 or 19.

$400 for Apple’s wearable?

Apple executives have discussed charging around $400 for the company’s new wearable device, although it’s not yet clear whether or not the price will be set in time for Apple’s September 9 press event, where it’s expected to be unveiled.

Sources have told Re/code to expect a range of prices for different models, including lower priced versions.

Overnight

The Dow Jones Industrial Average is up 18.88 to 17,098.45. The Australian dollar is currently trading at US93 cents.