A patent application recently surfaced in which Apple details a mobile payment system they name Transaction. Basically, with Transaction, users will be able to use their iPhones as an electronic payment solution, like a credit card.
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A great idea, but I’m sure many people will be reluctant to keep their financial information on their iPhone considering the devices can be accessed and hacked like we’ve seen in the past. Maybe that’s why Apple has yet released the app. Or maybe they just haven’t built it yet. The patent application was originally filed back in 2008.