iPhones may replace banks. All of them.

Apple, the best fruit to ever make electronics, now boasts the strength to make mobile payments the next big thing; the only trouble is that the banks aren’t quite a focal point in their vision. Recent patent applications have revealed that the company is looking to incorporate near-field communication chips in their iPhone. While several attempts have been made to develop NFC systems that can transform a regular phone into a swiss-knife style financial tool, none have gotten beyond the pilot phase, since phone makers and wireless providers are reluctant to incorporate the chips – often considered a vital element to successful mobile payments – into their hardware.

Take a bite

In the shadows, many bankers secretly hoped that the techno-monster would demonstrate once again how it has the capacity to evolve the marketplace in a single bound. This instance appears no different, as payment executives stand convinced that an NFC-capable iPhone would change the game of mobile payments within the United States; however, recent disclosures have suggested that Steve and his company aren’t planning on doing what the financial institutions had hoped.

As it stands, Apple doesn’t want to just morph the iPhone into a payment device that relies completely on credit or debit cards. They want to introduce an iTunes on steroids, where cd’s aren’t just bought, but cars are paid off.