In the past year we’ve seen plenty of Near Field Communication (NFC) based patents and startups and are happy to see Apple is joining the ranks with iWallet. Today, Apple has been granted a iWallet patent and it’s one that has never been reported on before.
Apple has received a major Granted Patent that generally relates to establishing financial transaction rules for controlling a subsidiary financial account and, more particularly, to various systems, methods, and electronic devices configured to provide for the establishment of such rules.
Apple’s patent reviews credit card transaction rules and shows us that the credit card companies will be sending statements directly to your iTunes account. Apple states that many payment instruments currently exist and may be used to carry out a financial transaction between two or more parties.
Read more via PatentlyApple