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Apple invents iPhone-to-iPhone payment system

by Todd Haselton | July 3, 2015

iPhone 6 and 6 Plus B

Apple Pay is already useful if you’re in a retail location and need to pay at an NFC-enabled register. But what about using your iPhone and Apple Pay to tap another phone and quickly send an authorized payment using Touch ID? Apple was recently filed an application for a patent that describes just that: person-to-person payments.

PatentlyApple, which uncovered the patent application, said this could enable anyone to charge for goods and services and pointed to the benefit of something like this at a garage sale. You wouldn’t need a Square system, just a simple tap and go.

apple-pay-patent

“When the other electronic device receives the encrypted payment applet, the counterparty may accept the payment in the financial transaction specified by the encrypted payment packet,” PatentlyApple explained. “Then, the other electronic device may provide the encrypted payment packet and another encrypted payment packet (with a financial credential for a financial account of the counterparty, the payment amount and the opposite payment sign) to a third party that completes the financial transaction.”

Of course, this also means that Apple’s method would compete with a number of already established payment systems from the likes of Venmo, Facebook, PayPal and more; though there’s something to be said of the simplicity of tapping an iPhone to pay a friend.

PatentlyApple

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Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...


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