The Cupertino-based Company plans to revolutionize the way in which payments are performed. A new patent application called “Payment Options Based on Location” was published at U.S. Patent and Trademark Office and it describes an iPhone-driven e-wallet service, which is meant to simplify checking out at the store.
The system presents users options based on data such as location, current balance or applicable rewards cards. In this way, users will have a smart menus based on the context of a transaction. Within the application, Apple also suggests the fact that the existence of current physical wallets does not stop customers in find the best payment option for a particular situation.
The smart connected e-wallet system developed by Apple can recognize various shopping rewards and it will also recommend cards to customers based on their specific data. In the same time, the iPhone e-wallet concept can identify the user’s location and determine what store they are in.
Compared to the exiting Passbook, which automatically displays store cards, Apple’s e-wallet can also provide users with the applicable store cards as a part of the checkout process. The system also allows users to manage multiple credit card accounts with the help of the iPhone. With the respective login information, Apple can reveal remaining balances on these accounts, and make contextual recommendations at checkout.
The iPhone e-wallet system allows customers to review potential financing plans when making a purchase. For instance, the user is presented with an interest rate, minimum monthly payment or any other applicable late fees or due dates.
Moreover, users are able to manually mange the list of stores and check the most suitable payment method for each case. Stores can be organized in categories, which will make business easier to find and edit. As in the case of stores, users are able to organize their credit cards. When you place a credit card on the first place, all future payments will be performed with the respective credit card.
It is worth mentioning the fact that Apple’s payment system driven by an iPhone comes with a new application called “Shopping”. The system also includes near field communication. This would allow users to easily transfer money to one another using just their iPhone. For example, two iPhone devices within range of one another are used to move funds from one account to another.
The patent application was filled in by Apple in September 2012, but it represents a sequel of fillings dating back in September 2008. The iPhone e-wallet system holds Andrew Hodge, Michael Rosenblatt, Amir M. Mikhak, Gloria Lin, and Taido L. Nakajima as inventors.