iPhone 5 rumors: next iPhone to feature NFC chip and iWallet technology

According to a report from the International Business Times, the Cupertino company is planning on introducing the NFC technology that allows users to ay wirelessly for products at merchants, which is considered to be an extremely safe method for such transactions.

Through iWallet, users have control over their credit card profile, bank payments and statements and even manage parental controls for children who would be tempted to use the iPhone as digital wallets.

In addition, besides using their phones for purchasing, users will also benefit from “Gifting,” a method that allows secure transferring of digital files.

This app requires the sender to authorize a gift charge to their iTunes account. The gift is then transmitted from the sender’s device to the receiver’s device. The recipient’s account information is then associated with the original media file from iTunes.

The recipient can choose to be charged for the gifted file in case the sender can’t pay for it.