Many eyes were on Apple yesterday as CEO Tim Cook unveiled OS X Mavericks, iOS 7 and a slew of hardware upgrades at the Worldwide Developers Conference (WWDC). For the payment industry, however, there were a few terms—iWallet, iMoney and Passbook—that they waited patiently to hear, but were left disappointed.
The mobile commerce market is growing as smartphones and tablets become a larger part of our daily lives. Many experts believe that once Apple incorporates a fully functioning payment solution, it will take off among consumers and shift use. So far, the company has only dipped its toe in the waters with the Passbook application that was announced last year.
While there was no mention of an upgrade to the app or any potential hardware changes coming down the road, there was one announcement that, while not directly related to a mobile payment system, could be a sign of things to come.
When discussing the upgrades to the computer operating system, the company spoke about upgrades to iCloud, specifically a new feature called Keychain that will securely store passwords and credit card information that can be accessed on different devices.
"To keep credit card data secure, it will only sync to 'trusted devices,' and uses 256-bit AES encryption," a PYMNTS article reads. "The new Keychain will only store credit card numbers and expiration dates – and not security codes - so it's unclear if users will have to manually enter such information when they make purchases."
While this does not confirm any future plans, it could have big ramifications for online shopping. It is also interesting to see how this will be incorporated, if at all, to the EMV patent that Apple was granted last week.