Advertisement

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.”



Advertisement


  • Apple Pay Coming to Websites - June 14, 2016
    Apple Pay Coming to Websites

    Apple Senior Vice President Craig Federighi announced during the company's Worldwide Developers Conference that consumers will be able to use Apple Pay to make online purchases through the Safari browser on iPhones, iPads and Macs before the holiday shopping season this year.

  • House Republicans Move to Repeal Dodd-Frank, Durbin Caps - June 9, 2016
    House Republicans Move to Repeal Dodd-Frank, Durbin 

CapsIn a speech on Tuesday, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said he will introduce legislation this month called the Financial CHOICE Act repealing parts of the controversial Dodd-Frank Act, including the cap on interchange banks can charge on debit transactions.
  • Trulioo Authenticates BRIC - May 24, 2016
    Trulioo Authenticates BRIC

    Vancouver, Canada-based Trulioo today announced its primary verification solution now is authenticating identities throughout the BRIC countries (Brazil, Russia, India and China).

  • MCX on the Ropes, Postpones CurrentC Rollout - May 19, 2016
    MCX on the Ropes, Postpones CurrentC Rollout

    Only a day after Walmart announced plans to launch a pilot for its in-store mobile payment system Walmart Pay in 110 Arkansas stores, the Merchant Customer Exchange (MCX) and its CurrentC mobile payment app appear to be struggling for survival.

Advertisement

 

 

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:

 
Captcha
Answer:

 

 

CNP Archive

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

Search here