Apple has reportedly filed for a patent which describes a mobile payment system in which not only peer-to-peer (p2p) payment can be made, using your iPhone but also it can be used to make transactions online (probably iTunes store). This system allows the users to store their credit card inforamtion on the phone using some information sharing mechanism.
In the below graphical illustrations, it is evident that what Apple is thinking about is more than just e-payment. It also includes a very interesting bulk payment mode as well, in which user can pay bills on their guests or friend's behalf.
Although it is only a patent filing for now but keeping in view what Apple is envisioning for future (iAds), we might very well see a demo of it by the end of this year.
Source: Unwired View