First we had the iPhone revolution. Now, The Financial Times reports that Apple (AAPL) is planning to expand the iPhone to handle mobile commerce, giving the company access to the multibillion-dollar transaction industry.
You are probably wondering what and how this will be done. The iPhone 5, due out this year, likely will incorporate technology called Near Field Communication (NFC). NFC incorporates financial account information and ties the data to specific devices.
Apple already has about 100 million credit card numbers from its iTunes program. That could help them get better terms from card companies. Card companies usually charge 2% to retailers who accept their systems. Or Apple could go it alone, keeping transactions in house.
Apple is likely to offer an "open strategy," which would allow consumers to choose which accounts to tie to their phone.
There are some small trials using the wave-and-pay program. Some card-issuing banks are mailing small cards with financial credentials that can be inserted into the iPhone and other smartphones.
Whatever happens next, phase two of the iPhone and smartphone revolution is underway.