The next thing Apple has its eyes on is iWallet. The concept is very simple; an iWallet will be a Smartphone replacing your credit card for online transactions.
The iWallet hypothesis seems valid as we see two major things going in Apple's way. New hiring and patent publications for mobile commerce related device makes it easier to believe in the iWallet phenomenon. Benjamin Vigier would be Apple's product manager for mobile commerce, while NFC (Near Field Communication) technology will be used in iWallet.
The NFC technology makes it possible to wave your card or iWallet in front of the sensor without any physical contact for transaction. Apple's recent patent reveals that the iWallet apps focused on mobile payments for concerts, airline tickets and others. However, Apple hasn't made any official comment on that. Chances are that iWallet wouldn't be any separate entity and it will only be an iPhone 5.
It is hard to say about the feasibility of iWallet yet. However, it is estimated to reduce the merchant transaction cost up to 3%. The critical success factor will be the number of people adopting the new technology. The biggest concern remains of the security which needs to be tested thoroughly
Wire transactions from the same hot spot will definitely attract hackers. Most companies, therefore, use dedicated networks but they are still unable to achieve optimum security results. In case of iPhone 5 or iWallet the whole story depends upon 3G network. If there are no signals, resulting in the denial of service, than this can further be exploited for notorious purposes. Along with all the concerns, it will be worth watching how Apple makes its place in mobile commerce.
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