The iPhone 4 is only out under a year and already iPhone 5 is being discussed. Rumours are surfacing that a new iPhone 5 might have, whats called a ‘wave and pay’ functionality and also says that the iPhone 5 is due out later this year.

This was news to me, as the hype and celebration which came when the iPhone 4 came out in 2010, I didn’t expect any new iPhone releases (apart from software updates) for a good while.

Apparently the new payment technology which is rumoured to be included in this new iPhone, is based on a technology called ‘Near Field Communication’ which can be used to pay by placing a device, such as an iPhone, within 10-12cm of a POS. This system stores financial data and links specific devices. Initially I though it would be using RFID but this new technology is more secure than that.

Before you start planning your payment via iPhone, the Apple corporation has declined to comment on any new developments on the new iPhone5 – so is this all guesswork or is it based on facts?

Well Apple already has your credit card number via iTunes so technically it could be linked in that way – you pay using NFC on your iPhone and your iTunes account credit card is charged. The downside is that all the retailers wanting to use this iPhone payment system, would have to have a NFC reader in order to pay in this way. Also, if your iPhone is stolen its a less secure risk than if your wallet is stolen. I think there may have to be a pin based system on the phone to authorise the sale.

Either way its exciting news for iPhone fans and we will have to wait and see if 2011 brings a new iPhone and a new way to pay for your goods and services.

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