by Rene Ritchie, Tuesday, Jan 25, 2011,

Bloomberg citing an analyst citing “engineers who are working on hardware for the Apple project” reports that Apple will be including NFC (Near-Field Communications) technology in their upcoming iPad 2 and iPhone 5 product revisions, along with the killer iTunes Store transactional system to back it up. The main goal for Apple would be to get a piece of the $6.2 trillion Americans spend each year on goods and services, Crone said. Today, the company pays credit-card processing fees on every purchase from iTunes. By encouraging consumers to use cheaper methods — such as tapping their bank accounts directly, which is how many purchases are made via PayPal — Apple could cut its own costs and those of retailers selling Apple products.NFC is an RFID-related technology that allows for secure, close range data transfer including but not limited to payment information. Google has already begun including NFC in their Nexus S Android handset though they lack an iTunes-like infrastructure with millions of active,%

via iPad 2, iPhone 5 to include NFC, Apple to become massive money machine? | TiPb.