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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV