Apple Patents New Digital Wallet and Virtual Currency
Apple might be looking to break into the mobile payments realm.
VentureBeat reports that Apple has recently applied for a patent that would provide users with a digital wallet and a virtual currency based on buying units of credits, along with a host of free services.
Apple has refused to put NFC chips in their popular iPhone, but it is likely that this proposed new digital wallet becomes Apple’s own proprietary mobile payments system.
The patent depicts allowing shoppers to pay with their phones during checkout. It also describes some social based payment services, such as consumers getting paid to watch ads, redeeming tokens for a reward or the distribution of coupon codes.
However the rate of NFC usage in the United States and abroad has not reached industry experts’ expectations since the NFC checkout process of “tap and go” is no simpler than paying by card.
Google, one of Apple’s largest competitors, has notoriously struggled with consumer adoption of its Wallet app and service. Apple might succeed where others have failed based on its design acumen, or… this patent might ultimately amount to nothing.