In the previous months, iPhone5latest.com was one of the first to talk about the plan of Apple to integrate the NFC feature to the iPhone 5. During that time, an interview conducted with a high official from a Mastercard company hinted that they are planning to partner with a big firm. Even if no mention was made about Apple, it seems that the official referred to the Cupertino-based company.
At present, it seems that the integration of the NFC to the iPhone5 is becoming a huge possibility as stories say that Apple has granted a patent for iWallet to payments via NFC and diagrams passed from Apple to the Patent & Trademark Office in the US shows an iPhone which may possibly be the iPhone 5.
NFC or Near Field Communications has been the center of several discussion in the past years as many devices have emerged to use the amazing technology. Since Apple is known to be a competitive company, it does make sense that they desire to grab hold of NFC's smartphone market by storm. In fact, this is what they are actually doing with their iWallet project.
A portion of the patent project requires Apple to provide plenty of documentation to the Patent & Trademark Office in the US. The documentation comprised of several diagrams that are highly detailed and can give an explanation to the nature and function of the iWallet. PatentlyApple.com leaked an image showing iTunes and possibly the iPhone 5 which both seem to utilize the NFC technology.
The image also points to the location of the NFC sensor in the iPhone 5 which appears like it's in the front of the device on the left side of the ear piece. The location is interesting because some may want the sensor to be somewhere else on the handset such as on its bottom or side part.
The iWallet is able to manage financial transactions. The transactions will happen between accounts like a bank account or credit card which can be configured by the financial institution or the user. The preferences of the users can be updated and stored.
The idea of the iWallet is to let individuals buy things by merely using their iPhone 5 or any other device of Apple. This means that the user does not need to bring a credit card to a store with NFC support.
Those who are concerned about the security of this mode of payment can request for limited transactions to prevent problems. Users of the iPhone 5 may be able to automatically refuse transactions or request transactions they made before making an approval. For example, the NFC transactions of the iPhone 5 can be restricted to a specific amount and in case the transaction goes beyond that amount, it will be immediately declined.