So, an auto manufacturer in Korea importing steel from Japan must first convert Korean won into U.S. dollars, pay for the transaction in dollars, and the Japanese exporter, once receiving the payment, must convert the dollars into Japanese yen.

FORBES: Fed Exports Inflation, Stokes Revolutions

With over 400 million active credit card accounts on file, Apple had a prime opportunity to convert its customers using a sleek mobile payment system tied to the iPhone.

FORBES: Apple Unveils Faster, Thinner iPhone 5 With 4-Inch Retina Display, LTE Support (Live Blog)