Apple May be Working on iWallet Payment System

By Paul Thomson :: 2:47 PM

Recent patent filings by Apple Corp. are renewing the rumors that the company is working on an electronic payment system and application, dubbed iWallet.

The filing, reported on April 4, shows a method for conducting a financial transaction. This is the latest in a series of Apple patents for a transactional product. In 2010, Apple filed a patent which covered “a method for conducting a group transaction having a plurality of group transaction members on a handheld electronic device.” And another application for “a method for authorizing a payment in a peer-to-peer transaction.” Other filings that year covered things like NFC in relation to portable electronic devices.

Apple’s most recent filing describes a system that will:

“[Take] a picture of a first code displayed on a transaction terminal using a camera of a portable electronic device; and sending data from the portable electronic device to the transaction terminal to conduct the financial transaction with the transaction terminal using a near field communication channel or another wireless communication channel.”

[Image credit: Patently Apple]