“On April 16, 2010 a savvy investor posted a great report on The Motley Fool investor site in which he stated that ‘Mobile purchases [and] p2p payments using phones – is a utopia that many telcos, banks, and scheme operations have been looking at for years,'” Jack Purcher reports for Patently Apple.
“On May fourth, the news broke that Visa and DeviceFidelity have been working with Apple on turning your iPhone into a credit card that could be used in restaurants and other retail establishments,” Purcher reports. “Market trials actually begin this summer.”
Purcher reports, “At the heart of all this news, of course, is Near Field Communications (NFC) technology. Patently Apple has reported on several new NFC related Apple patents targeting concert tickets, travel and others in recent weeks and today we’re finally beginning to roll out a new series of Apple patents relating to financial transactions. In fact, that’s the generic branding associated with a new Apple Application shown on iPhone patent figures: Transaction.”