There are few things in life you can be sure of: it will rain when you don’t have an umbrella, 3 buses will come at once after waiting an hour for one, and the world will love what Apple tells them to. You hate to admit it, but it’s true. Apple still rules what’s cool – sorry Android. Which is why we’re so pleased about their latest mobile wallet patent.
Apple’s New Patent Boosts Mobile Wallet Like Never Before
Apple will soon let people send content to one another directly through their Apple Wallet (previously Passbook). At the moment they imply that content is money (payments), but the real value for brands comes in leveraging this new patent (peer-to-peer sharing through Apple Wallet) for more diverse mobile wallet content, like event tickets, loyalty points, club member status and more.
But before we explain why this is so groundbreaking for the entire mobile wallet value chain, let’s first just showcase how you’ll soon enjoy this new feature:
Apple Wallet’s New Peer-to-Peer Payment Process (also see patent diagram below):
Step 1 – Open native Apple Wallet App (previously Passbook)
Step 2 – Select Apple Wallet card or content (credit, debit, loyalty, membership…etc)
Step 3 – Type in amount you wish to pay/send
Step 4 – Authenticate with Apple Touch ID (fingerprint) or passcode
Step 5 – Select recipient from list of nearby iPhone users (most likely via AirPlay, wireless communications or Low Energy Bluetooth)
A secure and encrypted payment packet (similar to the tokens/tokenization used with Apple Pay) is then sent to the recipient via Apple Wallet. Which is great, as Apple is leading the way in mobile wallet and mobile payment security – read our report here if you don’t already know. So why is this so important for brands considering entering the mobile wallet space?
Apple Patents Have A History Of Making Things Happen
No one is dominating the peer-to-peer payment platform. A few companies like PayPal are playing in this space, but there’s room for improvement. The type of improvement Apple has a reputation of bringing to the table. Just take a peek at some of their past efforts:
2007 – iPhone 1 patent makes touchscreen phones mainstream
2011 – iPhone 4s patent makes mobile photography fantastic
2013 – iPhone 5s patent makes fingerprint identification easy
And now…
2015 – Apple patent makes mobile wallet payments a priority for all
Apple has a history of turning pre-existing ideas, technology, and thinking into something the world truly salivates for (GUI). And we’re sure that this new patent will do just that for mobile wallet.
It really is the year for mobile wallet transactions. And most importantly for brands and marketers, not just the monetary kind or that which occurs in a brick and mortar store.
What Does Apple Wallet’s New Patent Mean For Brands?
A few things come to mind throughout the mobile wallet value chain, but the possibilities are endless
- Brands could allow loyalty cardholders to share points with their peers or family, or to send non-monetary gifts via this new peer-to-peer platform. Family sharing could also be introduced to Apple Wallet just as it has been for iCloud and Apple Music.
- Users could share a brand’s event invite directly though the Apple Wallet interface to people in their proximity, without having to share the content on a social network – cutting out the middle-man and making the process more streamlined.
- Contact details could easily be shared at a business meeting by simply sending your digital business card – stored in Apple Wallet – to everyone in the room.
- You could even redeem coupons in a store without needing to scan an Apple Wallet pass at the checkout – if the Point Of Sale (POS) system is set up to receive these proximity based peer-to-peer payments.
Apple Wallet Patent Conclusion For Brands?
Ultimately, we are now one giant leap closer to a mobile world. And we can’t wait to see what this new Apple patent means for mobile wallet. Brand’s should act now, enter the mobile space, play around with Apple Wallet (previously Passbook) passes and be the first to make the most of the ever-inspiring opportunity that mobile wallet is providing – especially thanks to Apple.
