Acording to AppleInsider.com, who have reported that Apple have created iPhones with Radio-Frequency IDentification chips. This theoretically could allow you to pay for items with just the swipe of your phone. 

Imagine having your Oyster Card built in to your phone? This could actually replace debit and credit cards in the future? We think so. 

See AppleInsider for the full story :

http://www.appleinsider.com/articles/09/11/05/report_apple_testing_rfid_swipe_support_in_iphone_prototypes.html