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.
The iWallet aims to give the user greater awareness of their financial status and facilitate contact with authorities when fraudulent activity is suspected or found.A In iWallet, users will have the ability to flag any purchase in the same way a user flags an email.
Users don't want to handle all of their financial transactions on a tiny 4-inch iPhone 5S screen, so Apple's patent involves a new tab in iTunes called MobilePay, which lets credit card owners see all of the credit cards in iWallet at a glance.
Apple wants iWallet to be as safe and secure as possible, so the company has reportedly added another way for users to approve their purchases.