Apple announced a small feature as part of iOS 6, known as Passbook, which might be the company's entrance into the digital wallet space.
Passbook is a location-aware app that lets users store discount cards, gift cards, movie tickets and boarding passes. Users can store their Starbucks (SBUX) gift cards, which some believe may transition Apple into the mobile payment space.
"Passbook is going to be a huge thing," noted Pierre-Loïc Raynaud."This is Apple's first move towards the wallet," added Calvin Carter, President of Bottle Rocket Apps. "This is massive." Carter said Passbook will prompt developers to start integrating the location-aware app into apps for large consumer brands. Apple shares closed lower on Monday, off 1.58% to $571.17, but are still up 40.96% year-to-date. The iPhone maker's shares crept up 0.65% to $574.88 on Tuesday. -- Written by Chris Ciaccia in San Francisco >Contact by Email. Follow @Commodity_Bull >To submit a news tip, send an email to: email@example.com