According to a recent Bloomberg report, we should see Apple incorporating "Near Field Communication" hardware in the iPhone 5 and iPad 2. This technology will allow the devices to send and receive information at a distance of up to 4 inches, allowing users to make payments directly from their device.
The services are based on "Near-Field Communication," a technology that can beam and receive information at a distance of up to 4 inches, due to be embedded in the next iteration of the iPhone for AT&T Inc. and the iPad 2, Doherty said. Both products are likely to be introduced this year, he said, citing engineers who are working on hardware for the Apple project.
Rumor has it that Apple has already begun making prototype payment terminals that would be used for small businesses to scan an NFC-enabled iPhones or iPads. These potential outlets would be subsidized or even given away to encourage companies to use the services they are providing.
It's nothing new really, paying with your mobile phone. However, its interesting to see where this would go for small business and even larger ones as well, and what type of impact it could have on the Apple market. My only worries would be having my phone stolen and someone having a shopping spree.