Engadget, both upcoming Apple devices, the iPhone 5 and the iPad 2, will be equipped with NFC technology to allow mobile purchases. The technology will allow users to 'swipe' their iPhone or iPad at a store to purchase an item, thus eliminating the need to carry a credit card.
Contactless payments via NFC technology have been steadily building hype recently, and the technology is already common in Japan. The idea would be to allow the use of iTunes gift card balances and the credit card info Apple already has from you to make swiping payments at compatible retail outlets.
Apple are also rumoured to be planning enticements, like loyalty credits and points, to get you using its service in the place of the competition, and there are already a couple of software patent applications from the company detailing other potential uses for the technology.