Apple Wins Patent For "iWallet"

redletterdave writes "Apple won a major patent for its 'iWallet' technology, which is a digital system that uses near-field communication (NFC) technology to complete credit card transactions and manage subsidiary financial accounts directly on your iPhone. On the home screen for iWallet, users can see their entire credit card profiles, statements, messages from their banks, and even adjust preferences or add additional cards. Within preferences, users can schedule credit card payments and set parental controls on their children, which allows kids to use their iPhones as wallets but limits the extent to which they can use it. Users can track their payments and statements within the iTunes billing system, which keeps the credit card information safe and secure."

Comments

No, they patented a system of NFC spending rules

[Anonymous Coward]

http://www.patentlyapple.com/patently-apple/2012/03/apple-wins-patent-for-iwallet-the-one-that-will-rule-the-world.html

"Apple has received a major Granted Patent that generally relates to establishing financial transaction rules for controlling a subsidiary financial account and, more particularly, to various systems, methods, and electronic devices configured to provide for the establishment of such rules."

The rules basically come down to setting one account as a subsidiary of another, and the parent account then setting a system of spending rules and limits that apply to the subsidiary account. Optionally that these rules are transmitted to the bank as well, and applied generally outside of using the NFC as well.