The drone of new iPad 3 from apple has not completely muted yet and there is another big revelation from Apple. The tech Goliath has won the patent on March 6 2012, U.S. Patent and Trademark authorities for iWallet – a much speculated app for Apple iPhone 5. As the years have gone the technology has not just come a long way for Apple rather a niche has been established for it in the technology eco-system. Apple has continued to produce devices, develop applications, and offer services that make life easier and more convenient. As mobile payments begin to gain attention, Apple successfully makes the payment mode practical for you with iWallet- your iPhone will be your wallet now! iWallet is a payment system based on near-field communications (NFC) technology. NFC in phone allows user to make payments from a respectable distance.
However, patent is disguised under the title ‘Parental controls’. Parental controls allow users to set up rules for accessing specific accounts. According to Patently Apple, if someone tries to violate these rules, certain actions will be performed such as automatically declining the subsidiary transaction, notifying the primary account holder of the transaction, and requiring or requesting authorization from the primary account holder before the subsidiary transaction is approved.
Here is the abstract of the patent:
Various techniques are provided for establishing financial transaction rules to control one or more subsidiary financial accounts. In one embodiment, a financial account management application stored on a processor-based device may provide an interface for defining financial transaction rules to be applied to a subsidiary account. The financial transaction rules may be based upon transaction amounts, aggregate spending amounts over a period, merchant categories, specific merchants, geographic locations, or the like. The device may update the financial transaction rules associated with a subsidiary account by communicating the rules to an appropriate financial server. Accordingly, transactions made using the subsidiary account by a subsidiary account holder may be evaluated against the defined rules, wherein an appropriate control action is carried out if a financial transaction rule is violated.
iWallet” would link mobile payments to iTunes account for operation . Apple already has millions of credit card numbers on file. iWallet patent would allow credit card companies to send customers their statements via iTunes.