Apple’s “Transaction” Patent Allows a New Way of Paying

By on May 13, 2010 in Apple

Apple recently put a patent through which utilizes a system that uses the iPhone as a method of payment similar to cash or a credit card.

Apple’s patent is directed to various techniques for conducting peer-to-peer financial exchanges using a handheld, portable electronic device – which for the sake of simplicity is represented throughout several transaction-based patents – as the iPhone.

The iPhone may integrate several functionalities for performing peer-to-peer transactions, including the storing information representation a user’s payment accounts and crediting accounts, acquiring and sending payment information, and obtaining payment authorization.

There are numerous possibilities of initiating transactions on this patent including Near Field Communication technology.  It is named “Transaction” in the patent and the functions are described.  The image below describes the patent by Apple.  It was originally filed in late 2008.

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As a technology enthusiast, Winston has dedicated a major part of his life to researching, learning and understanding technology while sharing his knowledge with the public. Currently, Winston is producing and hosting the “BuffaloBuzz”, our monthly webcast, discussing the latest in consumer technology. In addition, he also co-hosts for Butterscotch TV. Outside his current duties, Winston has made various appearances on CP24, The Globe and Mail Newspaper, Citytv's Breakfast Television and other media outlets talking about consumer technology and social media.

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