This article from Business Insider takes a look at a recent Apple patent filing and discovers what appears to be a souped up PassBook solution.
“A newly published patent application from Apple appears to offer a glimpse at the company’s plans for a future mobile wallet, and it looks a lot like a souped-up version of Passbook, the company’s current app for digital coupons, gift cards, and loyalty programs,” according to the article.
The article suggests this may be released with iPhone 6.
“Apple could launch a mobile wallet as soon as next month, when the company will reportedly announce the iPhone 6. Experts have speculated that an Apple mobile wallet, which would allow iPhone users to pay in stores with their phone, will likely build on Passbook and use the iPhone’s Touch ID fingerprint scanner to authorize transactions,” said the Business Insider article.
Parental Controls were also identified.
“The patent application, published on July 31, describes a parental control system that would allow users to control payment authorization on their children’s devices — a topic of particular concern for Apple after an FTC lawsuit over unauthorized in-app purchases by children, which the company settled for $32.5 million in January,” according to the article.
And the rumored relationship with Visa was also discussed:
“The disclosure follows rumors of an Apple partnership with Visa on a mobile payments solution. Last week, on a conference call with investors, Visa CEO Charlie Scharf declined to comment specifically on the reported Apple partnership, except to say that the company was “very excited about some of the things that we’re talking to potential partners about,’” wrote Business Insider.
The article also includes a drawing of what the interface may look like and ends by indicating that Apple did not comment on any aspect of the article. We will all be watching the iPhone 6 announcement closely!
Overview by Tim Sloane, Vice President, Payments Innovation
To read the full story, go to Business Insider.