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Imagining a Passbook-powered digital wallet

#1 User is offline   Macworld 

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Posted 03 May 2013 - 02:30 AM

Post your comments for Imagining a Passbook-powered digital wallet here
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#2 User is offline   luckywabbit 

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  Posted 03 May 2013 - 07:29 AM

Is this new system called Google Wallet? Tap your phone and pay?
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#3 User is offline   tatilsever 

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  Posted 03 May 2013 - 08:18 AM

> "For one thing, credit card processors are unlikely to welcome the prospect of having a third party meddling in the purchase process that they currently control."

The digital wallet will still be using the same processor network, such as Visa behind the scenes. With their 1% cut secure, they would hardly care, just as they don't care which bank offers how many credit cards. Anything that might increase the transactions just a little bit will make them happy.

There are so many credit card issuers, all trying to distinguish themselves from the pack, that there would be a line outside the door of Apple HQ if there was an invitation to join the digital wallet launch. The launch publicity alone would be worth the effort.

To be honest, paying by card vs. by phone does not sound much of an improvement. Collecting coupons and loyalty cards together in one place sounds more valuable, both for the consumers and the merchants. This is also where there is not much of a de facto standard way of operating similar to Visa and Mastercard. Apps for otherwise very popular retailers such as Costco routinely get horrible reviews. It will be an uphill battle...
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#4 User is offline   SockRolid 

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  Posted 03 May 2013 - 10:34 AM

Re: "Apple has thus far given no sign that it plans to build a more comprehensive payment system around Passbook."

Maybe Passbook will never become a digital wallet. It's for storing passes, tickets, etc. with barcodes. Not for ad hoc purchases. Even the Starbuck's app (which is brilliant IMHO) simply presents your loyalty program barcode. You can buy stuff at Starbucks using either Passbook or the Starbuck's app. Same barcode. Starbuck's servers handle the rest and update both Passbook and the Starbuck's app with your new balance. (And don't forget to tip your friendly Starbuck's employees with cash, folks.)

Apple has already deployed an effective, simple, and time-saving "comprehensive payment system," as you put it. It's the EasyPay self-checkout system at Apple Stores. Your iPhone acts as a point-of-sale device, it scans barcodes on items, pays for the items with your iTunes account's credit card, and it tells the store's security system to deactivate individual security tags on each purchased item.

Maybe the Apple Store App's EasyPay feature will spin off into a "digital wallet" app. You pick the item you want to buy, launch the app, and scan the bar code. The app would use location services to determine which store you're in, it would pay that store through your iTunes account credit card, and it would communicate with that store's security system to disable the specific security tags on the items you paid for.

Apple could install the system at any store that wants to use it. AirPort network, local server (Mac mini?), internet connection to iCloud's digital wallet service, and a sensor tag security system. The local server would work with the security system, deactivating the sensor tags on purchased items. The iCloud digital wallet service would handle payment transactions. Boom.
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#5 User is offline   xxZENOxx 

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  Posted 03 May 2013 - 10:59 AM

Love this article by the way. I am completely on board here. I already use MINT daily and I can't believe that InTuit offers that service for free and it's automatic. If apple could buy-in to a mint-like service and then get the major credit cards on board with this (the iPhone 6 should have NFC and Passbook 2.0)...it will be incredible for people to balance all of their finances and make smarter decisions and also eliminate a lot of the waste. Also, if apple could create a system like SQUARE that you could easily start a business with an Ipad and a card reader, the receipts don't even get emailed, it would just go straight into passbook 2.0 and then directly into Apple's version of mint...

The key to passbook though will come down to weather or not the iPhone 6 will have NFC...I really feel though like they will include this in the next iteration of the iPhone because of the fact that they are prepping the next iPhone to have a fingerprint reader which leads me to believe that they are ramping up security in order to make your phone (a digital wallet, a passbook with all of your coupons and discounts, your digital mailbox, and your financial hub). But without Near Field Communications this can't happen.

One Day:
I really would like to see myself go out of my house, get my coffee from a local coffee house but as I park my car next to the coffee house, my discount card pops up for that particular coffee house as I walk inside the building, I pick out what I want, wave my phone by the reader to pay, then leave there, park my car by the train station that will take me into the city, as you enter the train car, your boarding pass pops up and when the guard comes around you wave your phone by his reader to pay, then as you arrive downtown at your place of business, your card to enter the building pops up on your phone and you wave it by that card reader, then the office manager their says he's starting an office football pool and you wave your phone in front of his phone and send him $20 to put you in for the pool, then after a full day of work, you grab your son to bring him to the White Sox game and as you arrive to the park your tickets are right there on the phone and then you go home after all of that and you jump on your mac at night and check out all of your purchases on Apples version of MINT which shows you how much you spent, how much you've saved, where you were actually located when you made all of your purchases, etc......That'll be the day...IF AND WHEN APPLE CAN MAKE THIS HAPPEN THEIR STOCKS WILL BE ABOVE 1000.....
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#6 User is offline   JimBonner1 

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  Posted 03 May 2013 - 11:49 AM

Great article.

There is so much more to Passbook than most people realize. Our team at Passjoy.com has distributed many thousands of "experimental" passes to consumers (not just tickets and coupons, but all manner of other m-shopping, loyalty, and marketing concepts) and gotten amazing response.

Passbook represents the frosting on the cake...it gives developers the ability to create innovative and exciting content for an otherwise fairly staid mobile wallet experience.

So Passbook is what the mobile payments ecosystem needs to boost customer adoption rates. It's brilliantly and carefully designed to fulfill this role. Now we just have to see if Apple decides to promote it.
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#7 User is offline   Azzoor 

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  Posted 03 May 2013 - 01:53 PM

This is great article.

Passbook is the way of the future. being able to not have to carry a wallet would be amazing. I am hoping to step this one further, not by allowing users to add Credit Cards to passes but by allowing them to make their own Passes. I made PassMaker Pro and it allows you to make passes directly on your iPhone or iPad (Coming soon). You can then add to your own passbook or share them. Web address is www.passmakerpro.com

Thanks,
Aaron
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#8 User is offline   MEPace 

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  Posted 03 May 2013 - 02:53 PM

"A misplaced or stolen card requires a call to the issuing bank (whose number is, of course, on the card itself)..."

Obviously never been a boy scout. You see the problem but not the solution. Enter the number in your phone before you lose the card that way you are already prepared.
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#9 User is offline   technolawyer 

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  Posted 03 May 2013 - 06:28 PM

Whether it's Apple, ISIS, Google, etc., this is all just a matter of time. In the meantime, skimmers are a real problem (especially in taxis). But there's a simple solution. Use one credit card for all your recurring charges and don't even take it with you anywhere. Leave it at home. Use another credit card for your purchases around town. If it gets compromised, you just need to order a new card. You won't have to update umpteen accounts.
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#10 User is offline   Adlerlaw 

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  Posted 06 May 2013 - 04:51 AM

Great article. I LOVE passbook. The Starbucks App is flawless. I've used passbook to check into hotels, airlines. Can't wait to see more companies adopt it.
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