Apple secures patent for iWallet

Tech Week Europe reports.

The new patent, number 8 127 982, issued by the US Trademark and Patent Office (also at Free Patents Online) defines the relationship between primary and secondary accounts and shows that credit card companies will send statements directly to iTunes accounts.

According to ZDNet, the patent is titled "Parental controls", and its text largely describes a scenario where parents set up prepaid subsidiary accounts for their children.

However, it also notes that the functionality could be used by an employer who wants to set rules for an employee's handset-based payment account.

Security is a hot topic with tap-to-pay technology, and in most devices where NFC chips are used to make payments, there is a maximum payment limit, usually $25 or $50, The Register writes.

Apple's safeguard system, as laid out in this patent, goes a little further, authorising payments from only certain merchants, notifying parents when a purchase is made, or blocking certain payments altogether.