“This week, Apple unveiled the first large-scale integration of iBeacon, a technology that, when coupled with their fingerprint identification system, may be another building block in building a revolutionary new payment system,” Tristan Louis writes for Forbes.

“iBeacons are little radio transmitters that use very small amounts of electricity and can send information to a smartphone. The technology leverages improvements in the Bluetooth standards called Bluetooth Low Energy and is available on every iOS device since the iPhone 4S and every Android phone that supports Bluetooth 4.0 and Android OS 4.3 or later,” Louis writes. “When a consumer gets close to an iBeacon, information can be pushed to their device via push messages and the consumer’s location is made available to the retailer, which can allow for such uses as in-store specific promotions or payment capabilities.”

“Earlier this year, with the rollout of iCloud Keychain on mobile devices, Apple started taking information from iTunes and Mac computers down to their users’ devices. With loyalty cards increasingly being stored into Passbook and credit card information being stored in iCloud Keychain, Apple has been downloading the content of consumer wallets onto its devices, leaving only cash as the use case it does not directly compete with,” Louis writes. “The net result is that, when combined with iCloud Keychain and Passbook, an iOS device sporting Touch ID is now more secure than a physical wallet. And since any iOS phone can turn into a point of sale, the last thing remaining in your wallet can easily be replaced as Apple has turned your phone into both an outbound payment system and a system that could potentially receive money too, with no physical credit card being required.”

Read more in the full article here.

MacDailyNews Take: As we wrote this past Saturday:

Apple’s Next Big Thing™ arrived in stealth mode right under everyones’ noses.

[Thanks to MacDailyNews Reader “Tayster” for the heads up.]

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