Apple has published latest patent, explaining Apple’s new iwallet concept. It allows the individuals to configure number of accounts, which can be set-up to control the spending limits.

1. iPhone’s iWallet Patent; Control the spending limit of kids
Apple has published latest patent, explaining Apple’s new iwallet concept. It allows the
individuals to configure number of accounts, which can be set-up to control the spending limits.
This patent is called “Parental Controls” that could help parents to limit their child’s ability to
spend money via an iPhone.
The control can be configured for categories like, specific places where purchases can take
place and the types of transactions which can be allowed. The patent also suggests that, parent
will be notified about their child’s activity on the accounts, including the details of the online
purchases. The app can also be set for the users, so that they cannot buy some unethical
products. The E-Wallet app is enabled with a primary account that is connected to a credit card.
The users are able to use the app to manage transactions using their iPhone. The patent also
hints that it will integrate mobile payment solution so that it can be used outside of its
ecosystem in the future. It also reveals that the iPhone would integrate NFC (Near field
communication) chip for convenience. This technology is still in its early stage of iPhone
application development. So NFC enabled monetary transaction may not be secure completely.
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