Tomorrow, Starbucks could say, "Instead of doing all that, we're going to present a barcode that's going to be funded out of your iTunes account." You won't have to do any of the setup.

So you'd have a barcode that links to your iTunes account, and you'd use it everywhere?

Schwan: Exactly. So now we're talking about Apple being a bank, and I don't think that's outside the realm of possibility.

The other big mobile commerce technology is NFC. What was your reaction to the iPhone 5 not having NFC capabilities?

Schwan: We weren't expecting it to. With NFC, people don't realize that it's not just Apple that has to be ready. All these retailers have to be ready for the strategy to work. We don't think NFC is going to be the answer. It requires too much of an overhaul from an installation and infrastructure standpoint, in order to be widely adopted in the near-term.