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Will iWallet be a payment system from Apple?

Posted: , by Nick T.

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Will iWallet be a payment system from Apple?
On March 6, 2012, the USPTO gave Patent Number 8,127,982 to Apple. At a glance, it doesn't have to do much with cash transactions as much as it is related to "Parental controls", but a careful examination shows that Apple might indeed be working on a payment system of its own.

If the rumor is on the right track, the iWallet payment system (the name is just a guess, buy the way) will be accessed from a "financial account management application" which will be "stored on a processor-based device". The iPhone is one such device that comes to mind, and who knows, the next iPhone iteration might be the first handset to support Apple's rumored payment system. The said application would allow for "financial transaction rules" to be established between a main and a subsidiary account in a parent-child or employer-employee fashion. Additionally, the aforementioned device may be used to "transmit the financial transaction rules defined by the primary account holder to a designated financial institution that manages the subsidiary account."

Of course, this patent alone does not prove that Apple will launch a payment system at all or anytime soon as its terms seem quite broad. However, it might be an indication that the company is keeping a close eye on mobile payments and could be simply waiting for them to take off. And if iWallet becomes reality, it might be the next big thing to come from Apple, given the pile of credit card information that the company already has in its database. What do you, guys, think?

source: Forbes

3 Comments
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posted on 09 Mar 2012, 15:10 2

1. nnaatthhaannx2 (Posts: 820; Member since: 19 Oct 2011)


Maybe in a few years, for that technology won't be quite revolutionary for Apple. I would think Apple would create their own payment system that differs a whole bucnch and isn't compatible with anything. That's my guess.

posted on 09 Mar 2012, 20:37

2. JonGarrett (Posts: 29; Member since: 06 Aug 2011)


Apple doesnt even own the domain name so I doubt they are working on their own payment system.

posted on 10 Mar 2012, 11:03

3. Jodabro (Posts: 35; Member since: 01 Dec 2011)


Yeah it woundn't be called iWallet that would be too predicatable. That wouldn't want people figureing out there name. It will be called "your new wallet" or something like aWallet.

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