Mobile payments based on NFC or not were the debate in the iPhone market since the mobile commerce took the businesses by a storm. It was often headlines if there was a rumor if Apple was not backing NFC or if the iPhone manufacturer had different plans for its mobile payment feature. In the recent past, the US Patent and Trademark Office granted a patent that was named ‘Parental Control’ or iWallet to Apple with a view to offer the iPhone user to take complete charge over their subsidiary financial accounts directly from their Apple devices.
So what is the big deal about iPhone having iWallet along with NFC?
Apple explains that iWallet supports real time authorization for the transactions whether or not if a card holder is present or is at a remote place. The reports show that the iWallet technology comprises of various components which focuses on integrated control of an individual’s subsidiary financial accounts.
Components of the iWallet technology:
- Credit card details: Every urban individual now owns more than a single credit card. iPhone’s iWallet enables the users to access and view monthly statements, messages and alerts from the respective banks. It allows preferential settings that enables the card holders to set a payment date or even choose to set a payment alert as the due date approaches.
- Parental controls: Parental control is the code name for the iWallet technology. iPhones which can be used as digital credit cards by the teenagers can now be restricted by the parents. Once the owner’s authorized member hits the exceeding limit on the iPhone, the main user will have to authenticate if the transaction has to continued or aborted.
- Filter settings: This feature handles the authorization requests and the user happens to receive an authorization request whenever the young ones plan to use the iPhone for purchases. Upon receiving these requests you could either block or clear the requests based on your discretion. This could definitely save you a fortune as you can control the shopping behavior of the little ones at home.
The above three points are just the overview of the iPhone’s mobile payment features with respect to parental control. This technology is also a savior when it comes to fraudulent credit card stolen conditions too. The real time updates provided by this feature ensures the awareness of the credit card status of the user before the theft of the card proves to be very painful.