How near field communication on the iPhone will help make subway cards obsolete

Apple device update season is near and, like clockwork, the rumor mill has kicked in high gear. The latest evidence points to a September unveiling of the next iPhone, a smaller version of the iPad, and the long-rumored Apple HDTV. Those last two are debatable, but the iPhone 5 is all but certain, and it's expected to include the hot technology known as near field communication. From payments to gameplay, here's how an NFC-equipped iPhone could change your life.

Near field communication is a short-range wireless protocol already used by some smartphones and other devices. A younger cousin to RFID, the technology is like a lower-power, shorter-distance version of Bluetooth. That might not sound like a big deal, but it opens up exciting possibilities.