Tomahawk, WI 01/17/2014 (BasicsMedia) – Apple Inc. (NASDAQ:AAPL) seems to be working very quietly on an innovative approach to the e-wallet concept. While other companies have gone to the press with every tit-bit of information, Apple has not let out a single word, but our search of the patents reveal that engineers are working around the clock on this.

e-wallet: The New Frontier

The traditional brick-and-mortar retail industry in a big flux, there is growing competition from the e-commerce platforms as users find it more convenient to shop online. There are two major reasons for this shifting trend apart from the ever-prevalent reason: teens find the platform more suited for their preferences. The two main reasons are; you have to physically walk the entire shop and search for the deals and after spending a lot of time and energy, you have to wait it out at the check-out counter. Apple Inc. (NASDAQ:AAPL) has tackled the first issue through its iBeacon technology. iBeacons allows for identifying a device’s location using geo-fencing rather than GPS. GPS is unable to penetrate inside buildings and also cannot give a three dimensional picture.

How Can It Help The Retail Industry?

Apple has already started using the iBeacon technology in some of its stores. Apart from its many and varied uses, there are some very specific to the retail industry. For one, iBeacons can update the users for any special schemes and promotional offers available on products; it can identify the products from the user’s preferences. When a user is passing near a store or a counter, it will flash an appropriate message. Thus, a user need not walk through the entire store to search for the products he or she requires.

Now comes the exciting part: Once a product has been selected, the user will still have to wait at the check-out counter for billing and payment purposes. Apple intends to do away with this process altogether. The mobile will be used as a payment gateway, it will interact with a secure server, identify the most suitable payment mode (or allow the user to make a choice), securely verify the credentials and the payment will be made.  Some of the features of the planned e-wallet technology are available in this patent application filed by Apple.

e-wallet is expected to be a game changer and apart from Apple, many companies in the tech industry like Google Inc (NASDAQ:GOOG) are said to be working on it. Were Apple Inc (NASDAQ:AAPL) to develop it first, it can reap the benefits of the first comer and given Apple’s tenacity, hold on to the number one position.

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