"If launched, Apple’s main competition in the mobile payment space would be Google’s new Google Wallet and the recently launched Isis," it said.
Mashable said the system potentially allows parents to control how much their child is able to spend, where those purchases can take place and what types of transactions will be allowed.
"Images from the patent suggest that a parent will be notified if their child is trying to make a purchase at a Best Buy or if they’re trying to purchase alcohol or tobacco — both things you can’t currently do on the iPhone," it added.
Mashable said the system potentially allows parents to control how much their child is able to spend, where those purchases can take place and what types of transactions will be allowed.
"Images from the patent suggest that a parent will be notified if their child is trying to make a purchase at a Best Buy or if they’re trying to purchase alcohol or tobacco — both things you can’t currently do on the iPhone," it added.
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