Everything that Apple does or is expected to do create a buzz and sets the rumor mills churning. Even before its anticipated fall launch, the iPhone 5 has been dissected and scrutinized as much as possible. The latest in the series is that Apple has finally been granted a patent for an app called iTravel that makes use of NFC technology to aid reservation and travel check-ins.

The patent was filed by Apple way back in September 2008 and describes iTravel as "a method and system for transportation check-in (e.g., ticketing and identification) via near field communication (NFC) using a handheld electronic device, such as a cellular phone or a personal media player". The application would work in tandem with the Mac, iPhone, iPad, or iPod Touch and looks like an advanced version of the Passbook app, which was unveiled in June this year.

However, a report by the Wall Street Journal indicates that Apple has decided to omit mobile payments out of both iOS 6 and iPhone 5. It is believed that the company wants to hold on until mobile payments get standardized. "Apple is always a comfortable number two. They let their competitors do their market research for them," said Gene Munster, an analyst with Piper Jaffray, to Wall Street Journal.

The NFC mobile payment has great potential but currently lacks standardization and, therefore, it has not been completely adopted by most industries. Research group Gartner opines that NFC has a bright future and mobile payments will top $600 million in 2016. Currently, several Android devices have NFC capabilities including Google's Galaxy Nexus.

Rumors of Apple including NFC technology in a future iPhone have run riot for several years now. However, iPhone models are yet to include an NFC- integrated chip. If Apple eventually ends up including the NFC technology in iPhone, and strikes a chord with the consumers, the move would onset yet another industry trend. Rival Google, which has the NFC technology in place, hasn't managed to hit home with its Android smartphone.

Given Apple's Midas touch, the success of an NFC technology iPhone would open up several opportunities and avenues for all and sundry. Whether Apple eventually launches the iTravel or limits it to being merely a patent will be revealed when the iPhone 5 arrives this fall. Till then pundits and consumers alike can only wait, watch, and wonder.