iPhone 'could become the new debit card'

Australian consumers may soon be able to use their iPhones and iPads to make everyday payments, it has been suggested.

Australian Macworld reported that Apple is looking to make use of near-field communications (NFC) technology whereby handheld gadgets can be swiped over readers in stores as a form of contactless payment.

This follows a Bloomberg report which indicated that Apple is building the NFC technology into the upcoming iPad 2 and iPhone 5 while also seeking to develop the payment infrastructure needed to support it.

While the growth of contactless payment technology could impact on discerning consumers looking to compare debit cards, Australian Macworld hinted that it could be a while before it is widely adopted.

"I would expect retailers to want to embrace this concept. Why wouldn't you want to provide potential customers with every means possible of sharing their hard-earned money with your business?" said the news source.

"The only thing I can see getting in the way of adoption is if the merchant transaction fees are too high to make it worth it."

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