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Apple uses portable POS in their stores with great success (ironically on Windows Mobile). I could see it being handy for salespeople in the field or for service companies. Not revolutionary, but handy.

One interesting way to secure the phone could be in a way that the app only work on a certain network (vpn). Authenticated against keys specific to the store. This way it couldn't work if someone tries to extract info from the phone. This is assuming all the data inside the app is encrypted in some form.

p2p transactions in real life. split lunch, gas, kegs, house parties, street vendors, scalpers.