Next Generation iDevices "To Have e-Wallet Instant Payments"

Bloomberg is reporting that the next iPhone 5 and iPad-2 will allow users to pay for goods and services by simply swiping their devices over a terminal.

A consulting firm, Envisioneering Group, says Apple is already working on the technology.

Each device would contain and identifier chip that would allow owners to use paypoints. Hold your iPhone or iPad over a paypoint, and payment would be sucked from your bank account.

It's believed Apple would set up its own network of paypoints and you would be identified by your iTunes account details.

A similar chip is already included in the Google Nexus S smartphone...but retailers using the system are very few and far between.

Would the system take off when it's probably easier to use your common-or-garden credit or debit card?