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.