While the rumors have been flurrying, they have come to a halt.  Visa has admitted a partnership with DeviceFidelity to create a world where all you have to carry is your iPhone.  According to the Visa press release today:

“DeviceFidelity, Inc. today announced the availability of its In2Pay solution for iPhone, designed to enable iPhone users to make contactless transactions, such as Visa mobile payments, by simply waving the iPhone in front of a contactless payment terminal. The solution combines DeviceFidelity’s In2Pay microSD technology with a specially designed, patent-pending protective case that adds mobile contactless capability and works with iPhone 3GS and iPhone 3G.

By placing a removable In2Pay microSD into the protective case, iPhone users can take advantage of In2Pay’s secure contactless capabilities where contactless transactions are offered. They range from buying goods in retail stores and at unattended kiosks, to transit ticketing, and even securely accessing buildings and computers networks. Trials are scheduled to start during the second quarter of 2010.”

Take a look at this video of how the In2Pay microSD would work:

The iPhone is revolutionizing the way in which we socialize and interact in society. So what is going to happen to the wallet market of manufacturers?  Will companies like Kenneth Cole, Burberry, Coach, and Dooney & Bourke, have to submit to this evolving society of technology and jump on the iPhone train for customizable skins for iPhones and iPads like Skinit? Will consumer products like Burberry have to build a tech team to keep up with the times? What market does technology not touch?