Apple iwallet

As can be seen from the drawings included with the patent application above, iPhone5 could come up with Near Field Communications (NFC).

As per the reports, iPhone 5 to have a bigger 1136×640 display along with more importantly, Near Field Communication (NFC) controllers directly connected to the power management unit (PMU). This will put Apple on a collision course with the likes of PayPal, Google Wallet, and many other payment gateways and e-money providers. To compete with Google Wallet and the similar service Microsoft unveiled last week, Apple will look to tie in with a payment processor like Citibank’s PayPass system for credit card transactions or could itself delve into the role of payment processor as it already have hundreds of millions of credit cards already on file at iTunes. News of Apple equipped with NFC had been surfaced previously also, the New York Times said pre-iPhone 4S that an upcoming iPhone would have NFC. Adding NFC will certainly help users a quick and easy way to share files from one iOS device to another.

An iPhone 5 with this chip will become your wallet and could double as a portable login system allowing you to run your purchased Mac App Store applications on a guest Mac system as well as access, edit and save your documents remotely via the MobileMe cloud.

Apart from the much talked NFC, iPhone5 will also have dual-core A5 processor like the iPad 2 for even faster performance, better gaming, drastically improved graphics, 1GB of RAM and an upgraded camera system with backlit sensor. The new iPhone also contains Qualcomm Gobi Baseband chips that allow it to operate on both GSM and CDMA networks. Also in the list is the software feature called Assistant one of the USP of iPhone5, system-wide voice navigation system.

If Apple could integrate NFC with iPhone5 then, given Apple’s brand and market with more than 315 million iPhone, iPad and iPod touch devices worldwide, and more than 200 million credit cards on file on the iTunes Store, Apple could indeed become the biggest credit card hub on the web.