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A Complete Mobile Wallet Solution May Be Coming Soon to Apple Users

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A Complete Mobile Wallet Solution May Be Coming Soon to Apple Users


If you look at the major players in the online world, such as Google, Facebook, Amazon, eBay (with their PayPal system), you will see that despite their different offerings they do have one thing in common. No it’s not their popularity, but rather the fact that they either have a mobile payment solution ready or they are seriously considering to develop one. Of course, it’s not only the big players in the online world that want some of the action. Banks and financial institutions, as well as mobile phone carriers are all trying to put something out. And of course there is the smaller start ups that hope to achieve popularity but that few have ever heard of.

 

But there is one company that has put out a unique concept for a mobile wallet solution: Apple. A new app has been released called the Passbook. What makes it different (at least for now) is that it doesn’t yet have the functionality to make payments with the iPhone at a point of sale, but rather it functions as a kind of virtual wallet, allowing the user to hold event & movie tickets, coupons, boarding passes, transportation tickets, gift cards, vouchers, points & rewards cards, etc. When a user is present at a participating retailer, the card can be brought up on the screen and scanned.

 

The app also combines the feature of location detection, showing the relevant card when a user is near or at a participating merchant. This concept has already been adopted by some merchants and more are expected to follow. But the main question remains here: when will Apple integrate full payment functionality into the app?

 

For now, in the United States, payment systems that are fully integrated with mobile devices are still something a bit “futuristic” and aren’t expected to reach a mainstream status until 2016 or later. Some merchants have began to upgrade their systems and infrastructure, but those who accept mobile payments are still in the minority for now.

 

Another issue is: will Apple be able to dominate the market? It is in the lead with the most popular smart phone and the most popular tablet PC. However, Android based hardware and devices are not far behind at the moment. There are some who believe that there will be two or more mobile payment solutions that will be popular in the next few years. They will all function on the same principle: the user presents their smart phone, where an app generates a secure, one use only bar code that is scanned, allowing the purchase to be charged to the user’s credit card, or deducted from an online wallet account that has been filled up in another way (bank transfers, payments received from businesses, person to person payments, etc.). Apple seems like a trusted solution however it is still not known how much of the market they will be able to corner in the payments industry, as this is something the company doesn’t have too much experience with for now.

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