Paying the price: Apple device could replace your cards and cash

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Apple has already transformed the way we listen to music and watch movies, and it may be close to creating another big change, altering the way we make payments in stores. The iPhone 5 might include capabilities making it a point-of-sale system, thanks to Bluetooth or NFC technology, according to Computerworld.

“Equipped with such a solution, Apple could deliver POS systems that cost significantly less than those systems in use today,” the news source said. “These systems could even open up opportunities for the smallest retailers to take credit card payments without the major fees they currently have to pay. (Monthly fees to credit authorization agencies, equipment maintenance, new equipment and software costs, for example – it mounts up).”

Another thing that could happen, Computerworld said, is iTunes being used as a payment system. This way, consumers would be protected to some extent from fraud or theft — they could keep their physical card at home and charge purchases through a pre-defined authorized limit associated with their iTunes account.

According to a Forrester report, less than a quarter of the population will use Near Field Communications to pay in the next three to five years due to lack of mobile devices capable of this form of electronic payment, USA Today said. For this reason, iPhone repair of the (potentially) NFC-equipped device could be among the only options for those who want to take advantage of this payment method, if their iPhone 5 breaks in the future.

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