Earlier this month, it was reported that Apple has been considering a new kind of virtual payment system for customers, dubbed the iWallet. Although the tech giant has not released any details about what the new digital banking system would look like, those who are familiar with the situation divulged some details to the credible rumor website 9to5Mac. As has since been reported elsewhere, there are a few different features that consumers can likely expect when the iWallet is officially announced and rolled out.

Here are a few clues to what the iWallet may entail:

• Fingerprint scanner: Apple has already begun testing the waters for a fingerprint scanner with some of its other products, such as the iPhone, so it is widely assumed that this Apple ID system will be included with the iWallet as well. This will help make it that much more secure for people to make payments on their phone.
• iTunes pass: Instead of having to purchase a gift card or link an iTunes account to a real credit or debit card, users can instead load cash onto an iTunes pass that can be used for movies and music. This should for easier cross-platform use between iTunes and the iWallet.
• Separate hardware: The iWallet will be installed on a separate piece of hardware built directly into the phone. This will help improve cyber security against any possible data theft in the event that your phone is ever lost or stolen.

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