One may think that Apple's announcement of the new iPad model would be the only news out of Cupertino, California, for the week, but the tech giant proves it won't slow down. Reports have surfaced that the company received a patent on March 6 for the iWallet, which may debut with the iPhone 5.

The new app could revolutionize the way customers pay for items, so those earning ecommerce training or a business administration degree may want to take notice. The patent has a low-profile title of "Parental controls," but reports show that Apple already has millions of credit card numbers on file.

The abstract for the iWallet says financial transactions may have rules related to monetary amounts, aggregate spending amounts over a time period, merchant categories, specific merchants or geographic locations.

"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," the abstract explains.

On March 7, Apple debuted plans for a new 4G iPad that is scheduled to hit the market on March 16. The device reportedly has the most wireless brands of any device, as well as a 5-megapixel camera.