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iphone2Apple has published latest patent, explaining Apple’s new iwallet concept. It allows the individuals to configure number of accounts, which can be set-up to control the spending limits. This patent is called “Parental Controls” that could help parents to limit their child’s ability to spend money via an iPhone.

The control can be configured for categories like, specific places where purchases can take place and the types of transactions which can be allowed. The patent also suggests that, parent will be notified about their child’s activity on the accounts, including the details of the online purchases. The app can also be set for the users, so that they cannot buy some unethical products. The E-Wallet app is enabled with a primary account that is connected to a credit card.

Users are able to use the app to manage transactions using their iPhone. The patent also hints that it will integrate mobile payment solution so that it can be used outside of its ecosystem in the future. It also reveals that the iPhone would integrate NFC (Near field communication) chip for convenience. This technology is still in its early stage of iPhone application development. So NFC enabled monetary transaction may not be secure completely.

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