I have always suspected that it wouldn’t be long until our smartphones would replace our wallets. The ability to scan your iPhone to pay for groceries, postage and subway rides would make life much easier, right?

Well the New York City G Train has enabled their systems with payWave. Cult of Mac reports payWave lets your scan your iPhone in front of a kiosk in the transit station that allows users to bypass the metro card and such when you’re paying for your subway ride…

Since the iPhone doesn’t come equipped natively with the chips necessary to run Visa payWave, you must get this special case to make it work properly. Kind of a hassle but if you’re taking the subway or cab system every day it might be worth your while.

Can you see your iPhone replacing mundane chores we do each day, and other cities implementing these capabilities to make it possible? Does the reliance on a single device equal convenience or problems to you? Give us your aching ideas in the comments below.