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iphone5Rumors are flying around that the next-generation iPhone will be out in the fall rather than summer. Arstechnica today reported that a rumor from a direct source said that the iPhone 5 will start production in late July and will have an September launch. This was reported initially by Reuters which cited three different sources with inside knowledge of Apple’s plans for its iPhone 5.

The iPhone 5 is the much awaited next generation iPhone whose design will be similar to the iPhone 4 but will boast of a faster processor,  more likely the A5 which is also used in the iPad 2. Many rumors on features are flying around which include possible 4G support, possible NFC (near field communication) technology etc but none have been confirmed yet. Another possible major change mentioned was that the iPhone 5 might use dual-mode Qualcomm baseband chips that are capable of connecting to bothGSM/HSPA and CDMA/EVDO networks.

Other rumored improvements for the iPhone 5 not discussed in the Reuters report include an 8 megapixel camera and integration of NFC hardware, possibly connected to an iTunes-based mobile payment service. This might be the Apple’s gateway to using your phones as credit cards rather than actual credit cards.

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