Will iPhone 5 Take On Google By Acting As Your Wallet?

The iPhone on its own is a remarkable device that has already replaced digital cameras, MP3 players and portable games. So, what more is Apple planning to do?

In its next move the company with its breakthrough gadget is making an attempt to replace your wallet! New model for the iPhone, which is believed to be launched in just two weeks’ time, is expected to arrive in the market with a built-in chip. The iPhone5 with its built-in chip is being touted to serve as your credit or debit card for making small payments.

_{Image From: 9to5mac.com}

Technology analysts believe that the internals of the device contain what they believe is an NFC chip within the phone. NFC is seen as the successor in the chip-and-pin that serves as a small contactless card that can be waved against scanners to automate a payment. So far the only phones to have a built-in NFC were launched by Google that made a big play for the market with its Wallet accounts in the United States.

According to a credible source at 9to5Mac, "Apple could tie in with a payment processor like Citibank's PayPass system for credit card transactions - or it could become a payment processor of sorts with its hundreds of millions of credit cards already on file at iTunes."

However, with all these few and innovative features the only factor that will eventually provide Apple with brand leverage will be the price of its new product. If Apple fails to increase its scope of affordability, consumers are likely to be happy with what Google has offered them in the first place.