The invention of the electronic wallet is attributed to the late Steve Jobs. In the early days of the iPhone and the iPod touch, users had to carry around heavy documents, like the prescription pill bottle, the bus pass and other such materials. Thus, they could not access their wallet easily at times. At one instance, an iPhone user lost his wallet containing $500 in cash.
Apple Wallet is an app integrated with the iOS mobile operating system, which enables users to store wallet-passes, which mean smart-cards, boarding passes, university ID cards, employee ID cards, business cards, loyalty cards and so on. A single tap on the screen of the iPhone devices verifies the presence of the digital wallet and allows users to make purchases without having to type in card details over the telephone. Apple Wallet uses the encrypted transaction technology of the iPhone to make the transaction process safe. The encrypted data is transmitted across the wireless network in a protected manner to the merchant’s terminal where Visa or MasterCard payments are made. The digital wallet keeps track of all the transactions that are made and stores the transaction data in secure servers maintained by the company. It processes the transactions automatically and delivers the processed card details to the user’s phone through a secured connection.
Apple Wallet also supports the advanced transaction services like ATMs (American Express Pays Check Systems) and e-checks (EFT) and provides complete protection to your financial information. These features have attracted many users towards this innovative mobile wallet service. Even though the wallet has been launched with certain disadvantages like no credit/debit card processing option, you can get round these limitations by making use of the ‘tap and go’ payment method in which the transaction charges are deducted from the wallet balance when you use it to make online purchases. Another option is to use the pre-paid card to pay for the purchased goods, which will help you avoid extra charges on the card. Finally, you can withdraw cash from Open Wallets in the real sense by using your debit card and export the data to your bank.