“In May of 2010 we were surprised to see Apple’s first iWallet patent officially surface. In that year we witnessed a steady stream of Near Field Communication based patents that kick started the iWallet trend,” Jack Purcher reports for Patently Apple.

“Ever since that time we’ve archived these patents under the category of ‘iWallet-NFC Related,'” Purcher reports. “Apple has received a major Granted Patent that generally relates to establishing financial transaction rules for controlling a subsidiary financial account and, more particularly, to various systems, methods, and electronic devices configured to provide for the establishment of such rules… Apple’s patent reviews credit card transaction rules and shows us that the credit card companies will be sending statements directly to your iTunes account.”

Purcher reports, “The iWallet project just became a little more real today, and for many, it can’t come soon enough. Who knows, perhaps one day Apple’s iWallet will rule the world: the financial world that is.”

Read more in the full article, including Apple patent application illustrations and diagrams, here.