Apple Receives Patent for Motion-Based Confirmation System
The digital wallet industry may soon have another major player.
Today, Apple was granted a patent for their iWallet app which could help consumers confirm the payment transactions that take place on electronic devices such as an iPhone.
Apple has developed graphical elements which transmit messages to initiate and confirm payment.
This patent may address one of the big user concerns in the developing mobile wallet market. Users of mobile payments fear they may accidently authorize transactions due to the speed and virtual nature of these payments.
The mobile wallet industry will also need to deal with other security concerns. According to a study by Market Strategies International, more than 6 of 10 consumers are concerned that mobile payment solutions could jeopardize their financial and/or personal security.