No Wave-and-Pay With iPhone 5

Apple has been working on near-field communication technology for its mobile devices, but so far the revolutionary technology will not makes its way to Apple's iPhone 5, reports said today.

"The new iPhone will not have NFC, Apple told the operators it was concerned by the lack of a clear standard across the industry," a source told The Independent (UK). NFC can beam and receive information at a distance of up to 4 inches -- making payment as easy as waving a mobile phone near the cash register.

Last month, we reported that an industry tracker predicted the new technology would be placed in the iPad 2 and iPhone 5 by Apple. Apple never confirmed the suspicion, and as it turns out, he was wrong on both counts. Rumors still persist, however, that Apple is still working on NFC technology and linking it to its iTunes store.

Google and Android have been working hard on establishing NFC technology in its handsets and began including it on the Nexus S in January. Still no word on how either company intends to guard against identity theft and accidental payments -- but most merchants have yet to begin accepting NFC payments.

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