iWallet heading to iPhone? So seems to be the case from Apple’s patent

This is a wonderful piece of news for parents who want to keep their kids’ spending on a tight leash. As mobile payments begin to gain populace, Apple has recently been granted a new patent that will aid adding mobile payments to its new iPhones. Parental Control as the patent has been aptly named will work on controlling how kids spend money and will bring to the notice of the main account holder if any pre-set conditions of a financial transaction are violated.

The app will also see to it that parents are kept informed about various factors like where their kid is making a certain purchase and if they want to allow it or not, for example an attempt at buying alcohol or cigarettes or at Best Buy. This cannot be done right now on the iPhone. Apple may also be preparing some type of solutions that can be used beyond the Apple family in future.

Another major development could be the integration of Near Field Communication abilities which will allow an iPhone user to make certain payments from a respectable distance without having to reach for their wallet every time for credit cards or cash. Apple might face competition from Google Wallet and Isis in this arena of mobile payments if thing work out for it.