After we gave you the heads up on @Square, the mobile micro-payments system from @Twitter Founder Jack Dorsey which officially launched yesterday, @MacRumors is today reporting via Patently Apple that a new Apple filed patent details a future mobile-based wallet system of its own, for use with its iPhone and iPod touch devices.
Dubbed ‘Transaction’, the system is a peer-to-peer powered system which will allow users to manage micro-payments directly from their device.
From the patent, we can see a number of ways Apple obviously intends to use this new system, including allowing users to send an individual or group transactions, as well as the ability to request money from the user and pay invoices directly from within the app.
Apple’s patent is directed to various techniques for conducting peer-to-peer financial exchanges using a hand-held, portable electronic device – which for the sake of simplicity is represented throughout several transaction-based patents – as the iPhone.
The iPhone may integrate several functionalities for performing peer-to-peer transactions, including the storing information representation a user’s payment accounts and crediting accounts, acquiring and sending payment information, and obtaining payment authorization.
[via @MacRumors]
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