CS

Apple Awarded Mobile Payments Patent

March 8, 2012

The U.S. Patent and Trademark Office this week approved a patent application by Apple concerning the rules governing financial transactions by a subsidiary mobile payment account. That is, the company has patented the process by which a parent with a primary account might have control over the way a child, holding a secondary account, uses their mobile device to make payments. According to the patent's description, "the financial transaction rules may be based upon transaction amounts, aggregate spending amounts over a period, merchant categories, specific merchants, geographic locations, or the like.”

The patent drawings include an image of an iPhone with an app screen showing an “E-Wallet” app—though most observers have been calling it “iWallet.” Mobile payments industry experts have been speculating for some time that Apple would throw its hat in the mobile-wallet race with Google and carrier JV Isis, but the popular consumer products company has not made any announcements.

“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,” says Apple-focused IP blog Patently Apple. “The iWallet project just became a little more real [Tuesday], and for many, it can't come soon enough.”

 Average 4 out of 5
 Your Rating:
Your Review:
  

WP Pro

  • ZooZ Nets $2 Million in New Financing - April 25, 2013
    The company said it will use the proceeds of the financing to “add new product functionality, increase traction with retailers, solidify new partnerships, and otherwise build its presence” in the global payments market.
  • PayPal Q1 Revenue Up 20% - April 22, 2013
    PayPal parent eBay reported first-quarter earnings late last week and said payment volume processed by the unit rose 22 percent from the same period a year earlier to $41 billion. Revenue also increased, up 20 percent year-over-year to $1.5 billion.
  • Zipmark Enables Digital Checks - April 18, 2013
    Zipmark, a New York City-based startup enabling businesses that typically accept paper checks to accept e-checks online and via mobile, has partnered with Rearden Commerce to enable B2B online payments.

CNPExpo

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:
* Category:
Company:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here