A new Apple patent has emerged, describing a system that could change the way you pay friends and family, Digital Spy reports.

The patent suggests that iPhone and Apple Watch users may one day be able to transfer money to each other via their devices when nearby.

The person-to-person system would work by simply selecting the amount you want to send on your device, selecting the card to pay from in the Wallet app, and sending an encrypted "packet".

To bolster security, Apple suggests that biometric authentication or a passcode would be implemented.

From there, the bank or card provider of the person being paid would add the funds to their account, followed by a notification to say everything has gone through.

It's likely that the tech would work using Bluetooth or NFC - although the system is just a patent at the moment, so it may never surface at all.