Apple Parental Controls: When it comes to patents in the world of technology, Apple Inc. (NASDAQ:AAPL) is definitely one of the top dogs. It was only a few days ago that we brought you this news: Apple Inc. Wins Glass Trackpad Patent. Now, the company is at it once again.
This time around, the company has an idea for an “E-Wallet” application that offers the ability to create subsidiary accounts for others, such as children.
Those who are interested in reading the patent in its entirety can visit this page. Although the patent is entitled “Parental Controls” it goes well beyond that.
Here is a brief rundown from AppleInsider, explaining the Apple Inc. (NASDAQ:AAPL) app in greater detail:
“The proposed invention shows a hypothetical application on the iPhone home screen named “E-Wallet.” The software allows users to have a primary account tied to a credit card, allowing transactions to be conducted with an iPhone.”
“The key feature of the filing are the E-Wallet subsidiary accounts. By creating one, the user can allow new users, such as children, to have access to the E-Wallet app with controlled spending limits.”
“The customizable rules would allow a parent to set, for example, a weekly or monthly allowance for their children. The application would also enable parents to decline transactions if they are over a certain amount of money.”
Talk about taking technology to the next level. Do you remember the days when your parents would hand you a couple dollars as your allowance? Apple Inc. (NASDAQ:AAPL) is looking for a way to change this forever.
Here is the official abstract from the patent page, giving a better idea of the overall functionality of the proposed app:
“Various techniques are provided for establishing financial transaction rules to control one or more subsidiary financial accounts. In one embodiment, a financial account management application stored on a processor-based device may provide an interface for defining financial transaction rules to be applied to a subsidiary account. The financial transaction rules may be based upon transaction amounts, aggregate spending amounts over a period, merchant categories, specific merchants, geographic locations, or the like. The device may update the financial transaction rules associated with a subsidiary account by communicating the rules to an appropriate financial server. Accordingly, transactions made using the subsidiary account by a subsidiary account holder may be evaluated against the defined rules, wherein an appropriate control action is carried out if a financial transaction rule is violated.”
This latest patent from Apple Inc. (NASDAQ:AAPL) may end up being the next big thing. Of course, it may end up being put on the back burner like many other patents from the company. After all, the tech giant was awarded 1,136 patents in 2012.
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DISCLOSURE: I have no positions in any stock mentioned.
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