The type of processor Apple's next smartphone could carry will be 64-bit A7 processor which will run 31% faster than the iPhone 5.

A 64-bit processor could potentially enable the phone to better handle graphical animations, as well as provide better performance per watt.

Of course, just because there are rumors that 64-bit chips are being tested doesn't mean that they'll be released this year.And there is also a rumour that a 64-bit A8 would likely arrive in 2014.

If Apple can deliver a phone that benchmarks 31% faster than the iPhone 5, that should be enough to compete with other high-end smartphones from LG, Samsung and HTC.