Apple has just published a patent enabling NFC-enabled smart phone users to exchange money by simply tapping their phones together, according to intomobile.com.
The technology is expected to appear on new iPhone OS 4.0 handsets in the form of a “Transaction” app.
Users will have the option of paying someone with a credit card, debit card, direct transfer from a bank account, or through iTunes.
The iTunes option would allow customers to load cash onto their iTunes accounts to pay for everyday expenses via smart phone.
Although NFC peer-to-peer mobile payment has been used in Japan for years, Apple is the first company to file a patent for the technology, meaning that competing smart phone providers such as Nokia will have to play catch up, says intomobile.com.
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