Apple has filed anew patenta few hours ago which might be the game changer in the mobile payments arena.
The payment can be authenticated using a TouchID finger scan or the iPhones passcode.
The system would also let the person paying pick the recipient from nearby iPhone users.
Using electronic devices (such as cellular telephones) that communicate wirelessly, two individuals can make person-to-person payments.
This prompt may be displayed until the user has been successfully authenticated.
The payments would be credited to a choice of bank accounts and cards that can accept transfers from third-parties.
All data transmitted between both the iPhones and the payment processor would be encrypted.
The Apple Pay will be a one stop shop for all the payments and also be used for gifting.
source: www.techworm.net
