Over the last couple of days there has been a huge deluge of rumours from reputable sites that Apple has indeed struck a deal with the major credit card companies to do credit card transanctions using the iPhone. The iPhone would have in it an NFC (Near Field Communications) chip which, if the vendor has a terminal that can talk to an NFC chip would allow you to do you credit card trasnactions.
This would be a real boon as we are currently roaming around with a ton of credit cards in our wallet that could all be stored in your smartphone. If Apple announces this it could revolutionize the industry. Although the technology currently exists, Apple has the sway to set standards. They have the sway to make it happen.