In other words, users could potentially use the iPhone 5S to deposit money into their bank accounts by taking pictures of checks and instantly sending the codes to the their financial institutions, but with credit card information attached to one's account, the iWallet could also allow for peer-to-peer financial transactions, similar to PayPal.
Apple's iWallet technology requires strong security, since it was originally designed to provide real-time authorization for transactions where the cardholder is
iWallet would allow iPhone 5S users to see their available credit cards attached with the ability to open up each individual card's full profile, which includes monthly statements, messages and alerts from the bank, and preferences for adding additional cards.
Parents would be pleased to know that the iWallet has restrictions to prevent their children from overspending.
A potential flaw with the iWallet's parental controls is that kids or teenagers attempting to make many purchases could create too many iWallet Authorization Requests.