Imagining a Passbook-powered digital wallet
Posted 03 May 2013 - 08:18 AM
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...
Posted 03 May 2013 - 10:34 AM
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.
Posted 03 May 2013 - 10:59 AM
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.
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.....
Posted 03 May 2013 - 11:49 AM
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.
Posted 03 May 2013 - 01:53 PM
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
Posted 03 May 2013 - 02:53 PM
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.
Posted 03 May 2013 - 06:28 PM