The system would allow consumers to specify a figure, select a credit card from the list in the Wallet app, and send an encrypted ‘packet’ to a nearby device.
Exact details are a little hazy, but transactions would require either biometric authentication or the entry of a passcode.
Once accepted, the user’s bank or card provider would complete the payment process and the payee would receive a notification.
The system would likely rely on Bluetooth or NFC, and there would be no further costs associated with the transaction of funds. It basically means you'll have no excuses for failing to pay back that tenner you borrowed from Nigel the other week.
However, it’s worth noting that companies don’t always create the technology they patent.
Apple is making a big push on the payments front, and has spoken of its intention to make the wallet fully digital.
SEE ALSO: Apple Pay in the UK: What's going on?
Part of that push is the introduction of Apple Pay in the UK. Follow the link above to find out all the details.