Apple's iWallet

Apple's iWallet :

     New Online Payment Service is coming soon from Apple. It is called iWallet. It is highly secure and reliable, iWallet is known to be a digital platform that allows to users to have complete control over the subsidiary financial accounts straight on their iPhone device and bond with the NFC technology to accomplish credit card transactions on the phone.
    Apple has been reluctant to move into the space, leaving that work to others like Paypal, Square and Google Wallet. But with this newly-granted patent, it looks like the Cupertino, Calif-based company will take NFC into its own hands with the iWallet.

    Apple has been working on an iWallet since 2010. They have built quite the body of intellectual property to support their future iWallet.
   iWallet technology, which is a digital system that uses Near-Field Communication (NFC) technology to complete credit card transactions directly on your phone. The iWallet, which gives the user complete control over their subsidiary financial accounts on the iPhone.
   Mobile payment technology is a future multi-billion dollar industry, and one that looks to blow up in the coming years.
An iWallet feature could mean that Apple is planning to introduce near field communication (NFC) functionality to the iPhone with the next-generation of the device. NFC is a set of short range wireless standards that let mobile phones communicate with each other - or with other electronic devices. A number of NFC -equipped Android phones can act as an an e-Wallet, paying for goods with a swipe of your handset.

Apple's background on the invention : "Many payment instruments currently exist and may be to carry out a financial transaction between two or more parties. For example, payments may be made using cash, credit cards, checks, electronic checks, and so forth. In recent years, the growth of electronic commerce may be at least partially attributed to the popularity of credit cards, debit cards, and other non-currency based payment instruments.
    Thus, while merchants generally continue to accept cash and currency as a method of payment for goods and/or services, most merchants now also accept payments made using credit cards, debit cards, stored-value (e.g., pre-paid) cards, checks, and electronic checks. In particular, online merchants (e.g., those operating 'virtual stores' on the Internet or World Wide Web) may rely heavily on the use of credit and debit cards.
    There's a lesser chance of fraud when the cardholder is present, but unfortunately, the cardholder can't present all the time. Apple's solution, the iWallet, aims to provide real-time authorization for transactions where the cardholder is not present, or remote. However, unlike transactions over the Internet, Apple promises its service to be highly secure and reliable.
iWallet technology is coming with security methods for resting assured that financial information are safe and sound.