iPhone 5 To Support Mobile Payments

Now I’d like to point out that way back in August we reported that the iPhone 5 would support wireless payments, and then in November we wrote about NFC (near field computing) coming to the iPhone 5.
The only difference this time around is that the news in coming from Bloomberg and a very well placed source. They claim that Apple will incorporate NFC into the iPhone 5 and iPad 2, which will allow users to make wireless payments with their devices.

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.

This new feature would probably be integrated some way into iTunes as well linking up with your credit card. Apple love to make it easier for you to spend your money. Currently Apple only accepts credit cards and their gift vouchers as forms of payment. They have to pay processing fees on every credit card transaction so by using cheaper methods such as Paypal and linking directly to people’s bank accounts it would reduce their costs as well as improving practicality for users.
What’s more the source claims that Apple has already made prototype payment terminals intended for small businesses to scan NFC-enabled iPhones and iPads. These terminals could be subsidized or even given away to encourage adoption.