According to Bloomberg, Apple is planning to turn the next iPhone into a mobile wallet. Allegedly iPhone users will be able to use their phone to make Visa, Master Card and AmEx payments.
Apple is expected to announce their new iPhone and tablets on September 9th.

It is safe to assume that Android would follow suit very soon, if this feature is successful for the iPhone. After all, Google had already attempted something similar, but with little success so far.
This is great news for me in my effort to reduce the size of the bag I carry around with me all the time! Of course it increases the need for heightened security, losing your phone or having it stolen would become a much bigger problem. (This is where having a wearable device vibrate when you are getting out of range of your phone comes in handy!) I am looking forward to the Apple event in September and see if and how Apple will address security and identity issues!