Vodafone is working with Visa to launch an Android-based mobile wallet product next month in the U.K. as mobile payments continues to dominate the news cycle as Apple's iPhone 6 announcement draws near. 

The Financial Times reported Sunday that Vodafone's system will use a special SIM card with NFC technology to power the mobile wallet. Users will be able to use the wallet to pay for transit fares on the London Underground, which recently opened its system to card network-branded contactless card and mobile payments.

Vodafone is also working with loyalty companies such as Nectar and said it will open the system to other banks to use the system, according to the Financial Times. The MNO has already launched similar products in Italy, Germany, Spain and the Netherlands.