There has been a lot of talk surrounding the iPhone’s ability to act as “iwallet” or credit card payment system. While we have seen third party solutions such as the Square Payment System, today we are getting some serious insight into Apple’s plans for credit card payments with the iPhone, and presumably iPad.
Apple has been working with DeviceFidelity and Visa in order to implement a native payment system into the iPhone. PatentlyApple has posted a two-part article detailing the entire patent for Apple’s Transaction app, “The iPhone may integrate several functionalities for performing peer-to-peer transactions, including the storing information representation a user’s payment accounts and crediting accounts, acquiring and sending payment information, and obtaining payment authorization.”
In respect to the nuts and bolts of Apple’s future transaction system, we begin with Apple’s new Transaction icon/button as seen as on the iPhone figure below as #34. When the transaction icon is selected, the iPhone will open a transaction program and display a transactions menu displaying the various tools and features available in the transaction program.
In Apple’s patent FIG. 22B shown below, we see an illustration of the establishment of an NFC connection between the payee device 10 and the smart card 862 by way of the tap operation 386 depicted in FIG. 20 above.