Apple Branches?

SlikRick:

Diamond Lil:

Many many years ago, I was among the first, at least in my generation, to start paying bills electronically, balance my checkbook on line, and stopped using paper as a means to make payments. Today, I may find myself “writing” a check or two a year, and I would bet that most WSO readers don’t even know what “balancing a check book” was like in the “old days”.

How things have changed! An Apple a day is trying to keep the bankers away, if Apple has its way with a new payments platform. According to the International Business Times, Apple has just been granted a few new patents for an IWallet and some additional patents for ITunes app related to the IWallet. The buzz is that they will be introduced with the IPhone 5.

I usually admire Apple’s innovations, but I thought this would just be another idea who’s time had already come, and gone, since Paypal and Google’s Wallet seem to be doing just that.

But the IWallet could redefine the way we track our accounts, make our payments and keep tabs on our credit cards. We may be able to manage all our credit cards in one place, just like the old and dusty filing cabinets that keep that information at home. Parents will be able to grant access to their college kids -- God forbid -- but with spending limits. If your kid is off on a Caribbean vacation and overspends, you’ll get a message through your IPhone and will be able to OK the transaction, or let her wash dishes in Jamaica. If you have a lot of kids, or one kid that spends too much, then you can filter these requests, such as granting automatic authorizations for particular purchases, such as college bookstores or Abercrombie and Fitch.

As someone who travels a lot, I have had my share of credit card fraud. Apparently, with my IWallet, I can just “flag” a spurious charge, and my credit card company will call me on the spot.

For those old foggies like me, who have a hard time reading a tiny screen, all of this will be linked to an ITunes center, called MobilePay, which will give me easy, and large screen access to all this information.

It is also reported that there will be a new security feature, instead of a CAPTCHA, but very different. Mmm. Your guess is as good as mine.

Does this mean an Apple Bank? Unfortunately that name is taken, but at the very least, Apple seems to be redefining the banking business, bringing the words mobile banking to a whole new lever, with little apple branches spreading all over the world.

I must be missing something. Where is the innovation in the product? If the iWallet is a tool that allows one to monitor multiple credit cards, isn't this feature already standard with any credit card company? I'm pretty sure that if I have 3 credit cards from CapitalOne, then I can consolidate statements and view them online. The ability to put limits on the card, or flagging suspicious sources is convenient, but is this really revolutionary? What am I missing?

I think it's the ability to pay using your phone, monitor all your accounts from all financial institutions from one app, and manage spending and account services from all accounts in one place.

Remember, this is Apple. It doesn't have to be revolutionary, just better.