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March 9, 2012updated 04 Apr 2017 4:14pm

Apple receives patent for m-payments

Apple has been granted a patent for setting parental controls on mobile payment apps.The patent paper says: The financial transactions rules may be based upon transaction amounts, aggregate spending amounts over a period, merchant categories, specific merchants geographic locations or the like The device may update the financial transaction rules associated with a subsidiary account by communicating the rules to an appropriate financial server.

By Duygu Tavan

Apple has been granted a patent for setting parental controls on mobile payment apps.

The patent paper says:

“The financial transactions rules may be based upon transaction amounts, aggregate spending amounts over a period, merchant categories, specific merchants geographic locations or the like.

“The device may update the financial transaction rules associated with a subsidiary account by communicating the rules to an appropriate financial server.”

The patent is called Parental Controls and would be used for mobile wallet technology.

Apple has not confirmed any plans to offer a mobile payments service yet, although there have been rumours for at least two years. But the patent is an indication that the firm is at least considering such a service.

 

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