Digital Trends has the report (via AppleInsider), and explains that Apple is indeed ready to announce and launch the feature for iOS device users. In its article, the publication notes that PayPal should face stiff competition from Apple Pay for the Web (which should make it much easier for iOS users to purchase products online using Touch ID).

The same article notes:

Apple Pay’s launch on the web would mean tough competition for PayPal, which has its own mobile payment service for websites and apps called One Touch. More than 250 of the top 500 online retailers use PayPal’s service, but Apple Pay will be much quicker and easier to use on iOS devices, our source tells us.

There are, however, some details which remain unclear. For instance, we don't know if Apple Pay for the Web will be available on iOS devices which don't include a Touch ID fingerprint sensor (like pre-iPhone 5s devices and Mac computers). This is because we aren't sure if Apple Pay for the Web is going to require a fingerprint or a password in order to work.

All of this could link with rumors surrounding Touch ID-equipped MacBooks, though given WWDC's traditionally software-centric focus, it's not likely we'll see new hardware releases. I'd love to see Apple Pay for the Web launch alongside iOS 10; it's something I could see myself using a lot, and it'd be nice to reduce my dependence on PayPal.

Of course, we'll know for certain come Monday whether this is part of Apple's plans for iOS. We'll keep you posted with further information as we receive it.