Visa and DeviceFidelity originally announced a couple of weeks ago that they were partnering up to build an iPhone case that would allow the iPhone to be used as a credit card at retailers that support no-swipe payment systems. This release was quickly pulled, but has resurfaced and been made official with pictures and an official release.
DeviceFidelity released a near field communications chip last year that was put into a micro-SD card that could be used in compatible phones to let them act as contactless credit cards. Unfortunately, there are no current iPhones with microSD slots. The new case, named "In2Pay", plugs into the dock connector at the bottom of the iPhone and provides the power and interface for DeviceFidelity's microSD card and the communications chip.