In the midst of iPhone 5 NFC chip talks, an Apple patent was recently granted earlier today. This patent closely represents what a device with a NFC chip would be capable of.
Labeled U.S. Patent No. 8,255,323, this system will provide a “motion based payment confirmation” system. The description mainly talks about a graphical user interface for completing payments. To really understand the system, the provided picture tells a story.
From the patent description:
In one embodiment, an electronic device may include a graphical user interface (GUI) with one or more graphical elements that may be moved by a user to confirm or decline a payment transaction using a selected payment instrument.
The patent works via the iPhones accelerometer and touch sensors. You would essentially enter a specific amount of money and tap another device. To confirm the transaction, just ensure the slider is slid to the confirmation position.
How would it work?:
Close range communication with the NFC device may take place via magnetic field induction, allowing the NFC device to communicate with other NFC devices or to retrieve information from tags having radio frequency identification (RFID) circuitry. As discussed below, the NFC device may provide a manner of connecting to a shopping website and communicating with an external server.
With Passbook in iOS 6, speculation has lead us to believe the system may also hold credit cards; that was until earlier today when we learned the iPhone’s rumored two-toned design may have an effect on NFC signal. So this patent may not come packed on our sixth-generation-iPhone, but we will have to watch out for future devices.