In today’s world of innovative technology mobile phones have come a long way from being a mere communicating device to be used to be a multi-performer with their various brilliant and high-tech features and applications. The Apple iPhone when first entered in to the market of smartphones was able to attract the attention of the even the hard eyed consumers. With this device users can perform various tasks which were required to do with many different products. It has taken the place for digital cameras, MP3 players and portable game consoles. Now, the fifth generation of the handset is all set to enter in to the market and it is being considered that it would be able to replace your wallet.
The Apple iPhone that is anticipated to be released in the next two weeks time is speculated to come with a built-in chip that will serve as a credit or debit card for the small payments of the users.
From the leaked images of the iPhone 5 we can say that the device is imbibed with an NFC chip. This feature is considered as the successor of the chip-and-pin and it serve as a tiny contact less card that can be waved against scanners at tills to make the payment automatically. Some of the debit cards are preinstalled with this feature and certain retailers are already using this technology.
There are other mobile phones which have been embedded with in-built NFC, along with Google making a big play for the market with its ‘Wallet’ accounts in the United States.
It has also been reported that Apple might tie in with a processor like Citibank’s PayPass system for the credit card transactions or it might become a payment processor of sorts with its millions of credit cards already on file at iTunes.