Apple’s iWallet: The One that will Rule the World

Posted: March 26, 2012 in iOS Development, Tools
Tags: , ,

  
So much talk about inclusion of Near Field Communication with iPhone 5. We can never know whether it’s going to be supported soon or not.

Few months back Apple filed a patent that reveled about their upcoming product called iWallet. This makes other similar initiatives by other providers or vendors look naive. This will arguably change the way mobile payments are being done today and definitely the one that will rule the world as mentioned in the article below.

The creative engineers at Apple have given enough thought to iWallet to make it work both in the scenarios of making transaction in person or remotely. This leads to another revolutionary steps that might replace credit cards, debit cards, gift card completely!

In stead of traditional One Time Password (OTP) that is being sent to a registered mobile device or a security token being used by an external devices; Apple is probably going to use an Application that’s running on iPhone / iPad / or on Mac to validate the transaction is authorized. A simplest thing I can think of is to validate authorization by iTunes password.

More over card holder can enable/ disable automatic authorization for certain merchants, below certain value and flag certain transactions as unauthorized that will immediately notify issuing bank or credit card association. The cardholder-not-present authorization functionality may also be combined with a distinctive gesture for example drawing a character or reverse swiping certain control.

From the screens below it’s clear that third party applications can be enabled for “MobilePay” to use the features of iWallet.

Reference Link: http://www.patentlyapple.com/patently-apple/2012/03/part-2-apples-iwallet-the-one-that-will-rule-the-world.html

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Comments
  1. Prakash sahu. says:

    I appreciate ur wrk

  2. airtonix says:

    Annnnd nearly a year later… where is iWallet? now look where google wallet is.

    did the new iOS phone device “iPhone5” end up having a NFC device…? lol no.
    Do all the major Android phone and tablet devices have NFC devices? yes.

    If Apple were so hard and horny about releasing iWallet and ruling the world, they’d have released it as a RESTful service and/or an api for python, ruby on rails, and php web developers to integrate into their ecommerce systems.

    They’d have done this along time ago if they actually had a clue.

    Except now their share price plumetting, they haven’t had any new ideas for years>

    With android phones and tablets representing 75% of any countries market share, Is apple still relevant any more?

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