Recent reports have suggested that the Apple iPad and the iPhone 5 will have integrated Near Field Communication (NFC) capabilities that can be used for mobile payments, as well as other applications. NFC involves a chip that transmits a short range, high frequency signal in order to communicate with nearby devices or transfer payments.

Google also has grand plans in the mobile payment space through Android OS phones. Google’s Eric Schmidt talked about Google and mobile payments at the recent Web 2.0 Summit when he announced that the “Gingerbread” Android release will have integrated NFC.

More via Search Engine Watch.