Bloomberg reports that Apple is planning to introduce a service that allows customers to use the iPhone 5 and iPad 2 make purchases. That information comes from Richard Doherty, who is the director of the Envisioneering Group consulting firm.
The rumored services are based on near-field communication (NFC), which you may remember has been circulating the Apple rumor mill for quite some time already. It's a technology that allows you to "swipe" your iPhone while at a store to purchase your item, eliminating the need for a credit card on hand.
The goal, according to the report, would be to get a chunk of the $6.2 trillion Americans spend on goods and services. Currently, the company pays credit card processing fees for everything shoppers purchase on iTunes.
Apple, in their usual fashion, has declined to comment on the matter.