Of course, Apple’s developing the next generation of iPhone, dubbed “iPhone 5” will be able to make instant payments electrically, through your phone, using the technology called “Near Field Communication,” — a short-range wireless communication tech that could turn iPhone into a digital wallet. Apple has reportedly been hiring NFC experts and technicians in preparation for iPhone 5.
Asia already widely supports mobile phone payments, more specifically in South Korea and Japan, where you can make payments for subway fare or vending machine purchases using your mobile phone.
More on this, Apple and Google are currently in a bidding war to buy start-up company “Boku,” a mobile payment company that allows electronic fund transfer between two devices.
Both Google and Apple are still in early discussions with Boku, which means both companies are looking for a new competitive edge on one another to help push devices. If Apple does use some of its $50 billion cash to acquire Boku, we could see a new iPhone with digital payments in June of next year, and possibly all of the Apple stores around the U.S. supporting payments through your iPhone.