Passbook iOS6 and the Acceptance of Mobile Payments

Gone are the days where we carry around bulky wallets and expired coupons from 1999.  In around September/October of 2012, Apple will be publicly releasing Passbook, a native app for iOS6 devices.  It is a digital wallet that stores tickets, cards, coupons, and other passes in one clean, easy to use app. Users are given easy accessibility as all Passbook items are categorised in an orderly manner, and browsing through to locate the right pass is simple to do.

We live in an era where the use of smartphones is dominant, and it is through these devices that people can now check their e-mails, browse the web, play games, and some even support mobile payments.  The versatility one receives from a single device is phenomenal.  Certainly, it will take time for consumers to completely accept using mobile payments through their smartphones, but Passbook coming into the market could eventually lead to an acceptance of mobile payments.

For retailers in the business of distributing tickets, coupons, or loyalty cards who want to create Passbook passes would definitely benefit from Passbook.  Using Passbook at work would lessen printing costs as all passes would be digitalised, and updating the passes wouldn't require reprints either.  Using Passbook at your point-of-sale would also increase transaction efficiency as users no longer have to fumble through their wallets searching for the right card.  It would simply appear on their lock screens ready to use.  

One of Passbook's largest features is its time and location enabled capabilities.  This allows for real time messages and alerts to a consumer's device.  For example, if an individual walks into your outlet, their store card would appear right on their lock screens, garnering them easy access to the card.  The mere presence of the card on their lock screen already is an encourager to spend at your outlet because it didn't require any effort from the consumer at all.  If a consumer is walking around a particular district, they could be notified of certain promotional deals based on their location.  A casual window shopper could easily turn into a buyer through these powerful geofencing tactics.  

Apple's Passbook is undoubtedly a large step into mobile payments.  By the time of its release, if more retailers begin creating and distributing Passbook passes efficiently, there's no telling how this could transform the mobile payments industry in the long run.