More details about Apple’s ‘iWallet’ plans emerge

We reported last month about some of Apple’s (AAPLplans to turn the iPhone into your day to day device for financial transactions. In effect making it an “iWallet”.

We also theorised that their purchase of Siri would allow them to integrate purchases into a new kind of search engine as part of the iPhones OS.

Plans and Patents that Apple have seem to point towards the ability to fund your iPhone from a bank account or credit card, perhaps through iTunes, and then use it to buy plane tickets, concert tickets and other items or services.

Once at checkin at an airport, or the ticket turnstiles of a concert an NFC (Near Field Communications) antenna, which Apple has a method for implanting into touch screens, will allow transactions / tickets to be verified.

Now it seems Apple may be getting ready for yet another acquisition. That of Santa Clara based ViVOtech. A Contact-less/near field communications (NFC) payment systems software specialist.

Also yesterday a Press Release from Visa had this to say :

Visa Inc. and DeviceFidelity, Inc. are working to allow Apple iPhone(TM) users to make payments by simply waving their iPhone in front of a contactless payment terminal. The new technology, developed by DeviceFidelity and certified by Apple, combines a protective iPhone case with a secure memory card that hosts Visa’s contactless payment application, called Visa payWave. The technology will work for both iPhone 3GS and iPhone 3G devices.

Apple seem to be well advanced in their plans to make the iPhone our credit card of the future.

Are you excited to be able to use your iPhone to pay for things? Or does the security of all this worry you? Let us know in the comments.

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