Apple's Future iPhone Transaction App

An Apple patent application details a system by which customers can use their iPhone as an electronic wallet and payment system.

According to Patently Apple,

Apple's patent is directed to various techniques for conducting peer-to-peer financial exchanges using a handheld, portable electronic device – which for the sake of simplicity is represented throughout several transaction-based patents - as the iPhone.

The iPhone may integrate several functionalities for performing peer-to-peer transactions, including the storing information representation a user's payment accounts and crediting accounts, acquiring and sending payment information, and obtaining payment authorization.

A near field communication device may be provided for the acquisition of payment information. Apple calls its application "Transaction", as can be seen in the attached images.

You can read more about the patent using the link below...

Read More [via MacRumors]