iPhone 5 might be your next wallet

Apple of course is developing the next iPhone, and according to reports from CultofMac today, the next iPhone (nicknamed iPhone 5) will be able to make instant payments electrically, through your phone.

The technology behind this, called Near Field Communication, or NFC for short, is a short-range wireless communication technology that could turn the iPhone into a digital wallet. Apple has reportedly been hiring NFC experts and technicians in preparation for the 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.

If this wasn't solid enough evidence, Apple and Google are currently in a bidding war to buy start-up company Boku, according to TechCrunch. Boku is 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.

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