The biometric payment system that has been touted as the future of mobile payments could be set for a major upgrade in Apple's second iteration.According to a report by Jason Kupferberg, a senior analyst at the Jefferies investment firm, the new service have major benefits for merchants such as direct shopper incentives.It also includes features like browser-based payments to facilitate business for international merchants.Overall, Jefferies considers Apple Pay 2.0 to be a very significant update to the service considering the incoming competition from rivals.The addition of unique discounts and loyalty offers could hand Apple Pay an edge over rivals like Merchant Customer Exchange.MCX has tried to make CurrentC significantly more consumer friendly than Apple Pay, with the app's website promising features like automatic coupon redemption and loyalty rewards.In late April, MCX member and electronics giant Best Buy has said that it will now accept the biometric mobile payment method.