Apple Mobile Wallet: Apple Looking to Change the Way We Pay

Apple Mobile Wallet: If we know one thing about Apple Inc. (NASDAQ:AAPL) it is that the Cupertino based company is always trying to make life easier for consumers. This holds true across its lineup of many products, ranging from the iPhone to the iPad to its Mac computers.

Now, Apple is trying to add some convenience to the way consumers make payments at local stores.

With an Apple Inc. (NASDAQ:AAPL) iPhone powered e-wallet service, users would be able to opt for a more simplified checkout experience with the help of their smartphone. Rather than shuffle through their wallet trying to decide how to pay, the technology would present options based on everything from current account balances to active reward cards to location of the store.

This is a continuation of a previous patent, and is known officially as United States Patent Application 20130124319: Payment Options Based on Location

Here is the abstract, providing a more detailed explanation:

“Systems and methods are provided that allow for a portable electronic device to provide smart menus to a user based on a context of a transaction. Specifically, the method of using a portable electronic device may include opening a near field communication (NFC) channel with a point-of-purchase device and providing a smart menu based on a determined context. The portable electronic device may be configured to determine the context based at least in part upon acquiring sales transaction information for the point-of-purchase device. Additionally, the portable electronic device may be configured to determine the context based at least in part upon acquiring vendor identification information.”

As complicated as that may sound, you can be rest assured that Apple Inc. (NASDAQ:AAPL) won’t ever implement the technology unless it can actually make life easier on both the consumer and the store at which they are making a purchase.

Apple Inc. (NASDAQ:AAPL) is well aware that people often times make a purchase based on convenient alone, such as whichever credit card they find first. However, with an e-wallet system, these same people would be able to choose the best payment option based on their financial information and the purchase they are making.

The patent was first filed for on September 14, 2012. The inventors are listed as Taido Nakajima, Gloria Lin, Amir Mikhak, Michael Rosenblatt, and Andrew Hodge.

For a visual depiction of how the patent technology may work:

Check back here for more updates on Apple Mobile Wallet.

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