Apple has filed a new patent for an “iWallet” mobile payments application powered by an embedded NFC chip, according to Patently Apple.

The patent reveals where the embedded NFC-chip would be positioned in the iPhone, outlines credit transaction rules and details how credit card companies can send statements directly to the user’s iTunes account.

The patent also reveals a new parental control feature that would allow parents to set limits on their kids’ mobile spending, as well as restrict their own spending at certain merchants or outside of given locations.

According to Patently Apple, this is the second iWallet patent that Apple has filed in the last two years, and does not guarantee that the next iPhone model will feature NFC or a mobile payments applications.

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