Apple Granted iWallet Patent For NFC Payments

A couple of years ago Apple was seen applying for a patent regarding mobile payments based on Near Field Communication technology, fact which led us to think that the iPhone 4 or its successor will come packed with a NFC chipset. Well, neither of these devices had a NFC chipset and they didn’t support mobile payments, but things may change once iPhone 5 becomes available as Apple has just won a major “iWallet” patent.

The company has been granted the patent for iWallet which concerns all kinds of credit card transactions using NFC technology as well as online payments. According to the iWallet patent application, credit card companies like Visa and MasterCard are going to send payment statements directly in a user’s iTunes account.

Apple will be allowed to implement a technology that allows the company’s devices to establish connections between NFC-based devices and a user’s financial account. The advantage of iWallet is that the application will be able to access devices using various systems and methods therefore stores will not be forced to make major changes in their devices.

This patent is important for Apple as the company will probably install NFC devices in its stores in order to allow iPhone, iPod, and iPad users to buy something without taking out their credit card. A single tap will be enough to confirm a transaction, and you will be able to take your new products home.

Apple’s patent application also says that the transactions can be performed between “two or more parties” who will be able to make payments using credit or debit cards, checks, electronic checks, and other methods.

A few years ago it took a while to pay for something if you had only smaller bills, but now the society moves at a very fast pace. Payments must be made quicker, and some people wouldn’t have imagined that paying with a credit card is not fast enough.

Meanwhile, we’re anxiously waiting for the iPad 3 to be officially unveiled at Apple’s event in San Francisco and we’re hoping that the iOS tablet will come packed with a NFC chipset in order to support iWallet. We’ll keep you updated so stay tuned!