The next big thing from Apple to its users is the iWallet. After winning the major patent, Apple has declared about iWallet digital system which provides a feature for its users to take control over the various financial accounts owned by them.
Now days, the method of mobile payment and transaction over the internet is booming and needs further development. Apple chose the exact time for working with such technology to simplify human tasks by one more degree. This iWallet would do exactly as intended.
On the iWallet application home page within an Apple device, users will be able to view all of their credit card profiles, the various account statements and messages from their corresponding banks. In addition, users can also add more cards to this app and also modify his preferences. Setting up parental controls for the children can put an end to reckless expenditure.
These parental controls can also be used to set a certain limit for the children to spend. Once the limit is exceeded, further transaction on behalf of the children is no more possible and parental authorization and permission is required for the transaction process to continue. This feature will be widely accepted by parents as they, though remotely, will still have some kind of jurisdiction over the financial situation. Quite interestingly, the patent by Apple was disguised under this title, ‘parental controls’ and perhaps due to this name, it didn’t create much of a buzz about it. Overall, iWallet will be able to provide various sorts of flexibilities to its owners.
With the integration of NFC chips along with this technology, once can also complete financial transaction by swiping their phone near a receiver. Most of the transactions done by the end users are made through the itunes whether it’s music or a video etc. So data is already within the server and thus the same information is then pushed back to the user’s device with the rollout of the iCloud keychains.
Through this keychains, the users are made to furnish their payment information and then synchronize the password and all other details in this process. This synced process is the main reason behind the speedy transaction which is possible through iWallet. Later, Apple sorted out a method for securing all those sensitive data by using the finger print lock system into its devices. Thus Apple has paved a path through which transactions can be swiftly done without the requirement of any physical credit card.
Due to this iWallet technology, the probability of fraudulent usage of credit card, even in the absence of the card holder, is minimal and boasts to be more secure than transactions made over the internet. Apple, with technology covering such broad patent, in its treasury, can throw up much of a challenge to other competitor like the Google Wallet. With much of expertise in this field, Apple has brighter prospects in implementing e-wallet better than anyone else. If this patent meets the expectation of the firm, the result will have a positive blow upon its stock markets.
Manish Jain is the co-founder and Managing Director at Konstant Infosolutions. He is responsible for the overall operations of the company and has played a major role in bringing Konstant up from its humble beginnings and, with his immense energy and drive, transforming it into a globally trusted name in IT solutions.
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