If you want to make a ton of money, you need to be where the money transactions occur. Playing middleman has done wonders for companies like Paypal and Square, but the big boys have yet to enter into the iWallet sphere until now.

Visa has begun testing an ‘iWallet’ payment system in Europe, likely in an attempt to circumvent Apple’s advances with an NFC-capable iPhone. It’s been rumored for a very long time that Apple has been working on an iWallet type of system that would let consumers make purchases with their iOS devices. There have been a number of patents filed by Apple in this space, and there are likely to be a ton more as the world moves to an NFC-based payment system.

There are obvious problems with an iWallet, most notable being the lack of infrastructure in some countries, but it’s not going to stop companies like Visa, Apple, and countless others from trying to change the landscape.

Would you pay your bills from an iPhone? I think I would. The less stuff I have to carry in my wallet the better. I’m no Costanza, but if I can make a payment from my phone, it’ll mean a thinner wallet, and that’s something I can get behind.

Article Via Computerworld
Photo Credit: Patently Apple