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Apple’s new patents suggest that iWallet could finally become a reality

There have been a slew of patents from the stable of Cupertino company, all seemingly pointing to a mode of unified mobile payments solution. But a recent filing give a huge weightage to the rumor that Apple would finally be coming out with its version of iWallet strengthening method for conducting and managing financial transactions on smartphones such as the iPhone. This would definitely boost confidence among users of iOS as well as iPhone apps developer who would get an easy platform to conduct financial transactions for their in-app purchases.

Currently apple uses credit card information and stores it along user info on iTunes store. With this new app for managing all the financial transactions, users would be able to do transactions via their wallet account. This facility is already available to the android users who are able to tap in Google wallet feature to conduct transactions on their android devices.

This also means a future device with NFC capabilities, which has been a features missing from the apple devices for a long time. Apple has till date kept the technology at bay with others unilaterally adopting the technology to share files and do secure payments. In the iOS6 update, apple introduced passport application which was hugely adopted by iOS apps developer. They were able to utilize its structure to bring coupons and tickets from various vendors directly on the smartphone. But still the capabilities of the applications were limited as users were unable to perform seamless transaction harnessing the power of NFC.

With this patent, Apple could now be one step closer to launching a mobile payments solution on iOS devices, possibly based on NFC technology, which stands for Near-Field Communications. As this stage the iPhone makers has filed in way too many patents for mobile payments due to which the rumor for iWallet branded payment solutions cannot be nullified.

There have also been some recent acquisitions made by Apple like that of smart sensor maker AuthenTec for $356 million, which speculate that the iPhone maker is looking to bolster enterprise security on iOS devices. There have been many reports that the next iteration of iPhone would include NFC and fingerprint sensors from AuthenTec, which would make a lot of sense if apple also threw in mobile financial transactions platform for users to make secure transactions over their iPhones.

Apple could expand the functionality of the existing app passbook or create a new dedicated application in the form of iWallet, but if these rumors have any weightage that 2013 could be the years when apple takes payments on the go to mainstream. There are millions of iTunes accounts that have 1-click purchasing enabled, and this iWallet app would become a big hit among them and also simplify payment solution for developers.

This entry was posted on Monday, April 8th, 2013 at 1:21 pm and is filed under iPhone News & Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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