Apple’s new “iWallet” patent sheds light on their new web wallet concept

Apple’s latest patent has revealed plans by the company to develop a web wallet app that will allow users to not only transfer money online, but to set up subsidiary accounts and set limits and restrictions on spending.

The app, which could be called the “iWallet” (not confirmed), will allow a single user to register a credit card that can be used to make payments using the iPhone. The app will also allow for the user to add subsidiary accounts that are linked to the main profile, which can be used by children or other beneficiaries. The subsidised accounts can then be monitored, spending limits and restrictions on what can be purchased can also be imposed. This is a feature that will allow the user to, for example, prevent their child from spending too much and prevent them from purchasing undesirables, alcohol for example.

The app has no set release date as it is still in its fledgling state and is still being developed.