Although the patent has the unglamorous title of “Method of Setting Payment Option Preferences,” this patent essentially outlines a future where your iPhone becomes your virtual wallet and shopping assistant. As stated in the patent abstract, it covers “systems and methods” for “a portable electronic device to provide smart menus to a user based on a context of a transaction.”
In other words, Apple’s new patent outlines a method for a device such as an iPhone to act as a “smart” shopping aid. When the device recognizes a retailer, it activates a menu of options based on the customer’s personal shopping preferences.
These preferences may include a particular payment method that the customer has used at that retailer before, or it may even include a payment option that entails some sort of benefit to the consumer (e.g. a particular store’s credit card). Apple also provides a means for the user to customize their payment options so they always get the best interest rate or retail store benefit.
