California - Patently Apple announced Wednesday, March 7, 2012, that Apple's patent for iWallet has been approved by the U.S. Patent and Trademark Office. Patently Apple reports, "Today, Apple has been granted a major iWallet patent and it's one that has never been reported on before. Apple's patent reviews credit card transaction rules and shows us that the credit card companies will be sending statements directly to your iTunes account." The iWallet patent, which first appeared in May 2010, will allow users to purchase items, set spending limits, receive credit card statements, and much more all through iTunes.
iWallet will also contain a restriction feature which will allow parents or employers to set restriction controls such as blocking certain retailers and would decline a transaction and send an email alert when such a transaction has been attempted. If a minor used the iWallet, a parent could set restrictions similar to the television or internet. For example, using iTunes a parent could block alcohol or tobacco retailers and if their child attempted to purchase an item at the blocked retailer, the parent would be sent an email notification and the purchase would be declined. This feature would also benefit an employer and employee, allowing an employer to view purchases and allow set spending limits at retailer stores such as gas stations.
The iWallet patent figures include images consisting of an iPhone screen with an application referred to as "Card Profile", where the user could go to customize their settings and input their credit card information, set billing alerts, add or remove credit cards users, etc. The iWallet feature would be located in the iTunes application under "Services".
With this exciting news, Patently Apple stated in their report "Who knows, perhaps one day Apple's iWallet will rule the world: the financial world that is." This statement may have some truth to it when it comes to ruling the world, the World Wide Web that is.