Apple revealed a new e-wallet application (and related icon) in a patent, a feature that is likely to be present in the next generation Apple iPhone 5, which should be released during the first few days of June.
PatentlyApple says that the name of the actual feature may change because the name "EWALLET" is a registered trademark by Illium software; nothing however would prevent Apple from changing the name to something else like "Transaction" or "iWallet" as suggested by PA.
The bottom line though is that Apple wants to convert the iPhone (and maybe other mobile iOS platforms) into electronic wallets which can be used to perform transactions.
There has been a number of rumours surrounding possible "near field communication" or NFC capabilities on the iPhone 5 including iLounge's one about NFC accessories, one by Cult Of Mac and another one by Bloomberg.
The E-wallet functionality could be tied to the SIM module itself which some have suggested might be integrated into the phone making it much harder to hack, unless you actually pry open the phone, something that is made more difficult by the fact that Apple will use customised "diabolical" screws.