Apple has filed a new patent that allows an iPhone wirelessly transfer money to another iPhone, all person-to-person payment is secured by Touch ID.
The patently Apple, is related to wireless communications, wireless electronic devices, and more specifically, techniques for conducting financial transactions through encrypted communication between wireless electronic devices. The patent filing describes the entire process that takes place in the new application Monedero, with Touch-ID accreditation.
In particular, the user interface of this patent can display electronic devices that are close to the user's electronic device (For example, nearby electronic devices can be identified through wireless communication). The user can select one of these electronic devices that appear by touching an icon representing an electronic device. Following, user can enter payment amount (and the payment sign) in a window displayed in the user interface.
The payment received by the second user will be deposited in their bank account or any form of payment specified by users. If Apple continues to develop Apple Pay options, such as this person-to-person payment option, they are likely to face obstacles with banks and other financial institutionsas the financial institution may be the big loser here. However, this patent is a great plus to make Apple Pay more attractive.
What do you think about the latest Apple patent? Do you think it will be useful in day-to-day life?