Report: Apple Granted iWallet Patent

By PYMNTS | June 11, 2013

Apple has been awarded a “key iWallet patent,” according to a report from Patently Apple. The iWallet document comes as part of a series of 37 newly granted patents for Apple released on Tuesday.

The patent involves establishing financial rules for controlling subsidiary accounts, perhaps designed for control over children or employees, as the report noted. The Apple device may also have the ability to transmit financial transaction data between the FIs of both the primary and subsidiary accounts.

Patently Apple also notes that the iWallet account would be controlled by users through “a future segment of their iTunes app currently dubbed ‘Mobile Pay’ under future ‘Services.’”

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