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Apple (AAPL) Said to Gain Key Patent for iWallet Virtual Payment System

March 6, 2012 4:00 PM EST
Apple (Nasdaq: AAPL) shares are cutting losses Tuesday heading into its big March 7th event as the media and tech giant might have been granted another key patent.

According to PatentlyApple.com, Apple has been granted a new iWallet patent which "reviews credit card transaction rules and shows us that the credit card companies will be sending statements directly to your iTunes account."

The patent allows for the control of a subsidiary account and to "various systems, methods, and electronic devices configured to provide for the establishment of such rules." Generally, the relationship between the primary financial account holder and subsidiary might be akin to that of an employer-employee relationship, parent-child relationship, and so on.

Financial transaction rules might allow the parent account to limit the spending amount or restrict certain transactions of the subsidiary.

One of the immediately viable benefits for this would be Apple's iTunes store, where many adolescents have access but not necessarily their own credit card to purchase apps, songs, or other media.

Shares of Apple are down about 0.54 percent.


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