It has been rumored for a while now that the new iPhone 5 will have NFC or Near Field Communication technology and this has recently been sort of confirmed with apples new patent. It says nothing about that it will be included in the iPhone 5 but seeing as some android phones already use this technology I cant see why they wont included it in the iPhone 5
Near Field Communication technology will enable you to pay with your phone rather than with cash or your credit card. The ultimate goal for smart phones are to completely replace your wallet and with NFC coming into the picture we are one step closer to it becoming a reality.
As I said there are already android phones on the market that uses Google Wallet that allows you to pay by simply tapping your phone against a sensor and you are done. With so many people using the iPhone that can now also pay with their phones a wallet less future could possibly be a realty pretty soon.