Although Google tried to make a Google Wallet and turn Android terminals into digital wallets, the truth is that until now systems of this kind have not had much success. Apple is trying to change the industry again and a patent registered to the American company proves this. Apple describes a system that those from PatentlyApple they named it generically iWallet and with its help anyone can make payments using an iPhone equipped with NFC technology. Basically, an iDevice application allows us to make transactions, they are registered between the iPhone and the payment device and the application makes all payments through the iTunes system and our Apple ID. iTunes is also used to save receipts so that we will always know what we pay and to whom we pay.
Apple's patent figures associated with Apple's invention generally relate to techniques for implementing and defining financial transaction rules for controlling a subsidiary financial account. By way of example, the relationship between the primary financial account holder and the subsidiary account holder may be that of a parent-child relationship, employer-employee relationship, or the like. The processor-based device may be additionally configured to transmit the financial transaction rules defined by the primary account holder to a designated financial institution that manages the subsidiary account. For instance, where the subsidiary financial account is a credit card account, the financial institution may include an issuing bank and/or a card association. The financial institution may store a record of user preferences associated with the primary and subsidiary financial accounts, and may update these account holder preferences based on the received financial transaction rules.
Using Apple's iWallet we will be able to buy almost anything if we have an iDevice equipped with NFC technology and the special application made by Apple would allow parents to send their children shopping by setting a credit limit that they cannot exceed. Apple describes what seems to be a technology that we will use in the future to pay anywhere, but for now it remains to be seen how many sellers will be willing to install their POS system with NFC and whether such a device can be successful or not.
