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Apple seeks patent on encrypted P2P money transfers; Apple Pay U.K. to launch July 14th?

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Apple seeks patent on encrypted P2P money transfers; Apple Pay U.K. to launch July 14th?
A leaked internal memo from a U.K. retailer reveals that Apple Pay will debut in the region on July 14th. According to the memo, the mobile payment service will be accepted by this retailer for transactions up to $31 USD. Financial institutions like HSBC, Lloyd's and RBS have signed on, and retailers like Marks & Spencer and Boots will accept Apple Pay. Since October, Transport for London has already been allowing American tourists to use Apple Pay while traveling from London.

Speaking of Apple and financial transactions, the company has filed a patent for a person to person money transferring service that would pit the company against PayPal. Users would be able to pick a card from the Apple Wallet app, type in the amount to be transferred, select the recipient from nearby iPhone users, and use Touch ID to verify the transaction.

The entire process would use encrypted data to keep sensitive information away from any prying eyes. There is no word on when Apple plans on making this reality.


source: PatentlyApple, Forbes

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