The card network and telco are designing systems that use 5G to support more payment processes hosted in the cloud rather than on local hardware. The goal is to make services such as autonomous checkout available to small businesses.

Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.