Apple patent hints at future of mobile payments

Apple mobile payments

Apple may be ready to get involved in NFC

A new patent filed by Apple suggests that the company may be moving forward with its tentative mobile commerce plans. Apple has opted to take a cautious approach to the issue of mobile payments, having taken note of the serious security issues that are related to this practice. In recent years, the mobile space has been flooded with security problems that have caused significant financial damage to consumers and businesses alike. Mobile commerce has become an attractive target for hackers, and Apple has been careful not to rush into the market too quickly in order to avoid security pitfalls.

Patent highlights secure element that uses NFC, Bluetooth, and WiFi

The patent has to do with a secure element in a mobile device that is able to store financial information, make use of NFC and Bluetooth technology, as well as WiFi, in order to process mobile payments. The patent’s inclusion of NFC technology may be surprising, considering the fact that Apple has been critical of the technology and its security capabilities in the past. It had been expected that the iPhone 5 would be equipped with NFC technology, but Apple opted not to use the technology for security reasons.

Biometric technology may add another layer of security

Apple mobile paymentsWith the launch of the iPhone 5S and 5C, Apple introduced biometric technology to its mobile devices. Fingerprint scanners are used on these devices as a security feature. This has expanded Apple’s options when it comes to mobile commerce and may negate any of the security risks that may be associated with NFC technology. The patent has sparked rumors that the iPhone 6 may be able to be used for mobile payments and similar activities.

Apple will face strong competition in the mobile commerce space

Apple has been slow to enter into the mobile commerce arena, which means that its competitors have had ample time to establish a strong presence therein. If Apple is truly ready to participate in this market, it will have to compete with organizations that have already managed to win over many consumers. One of Apple’s major competitors may be Square, which has already made it possible for iOS users to participate in mobile commerce.

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