Apple Pay users could be able to make contactless payments and other transactions with merchants or transit providers without having to manually select the correct payment, rewards or transit card or other digital credential from within their mobile wallet, according to appleinsider.com. That search for the right card could be a thing of the past.
In essence, the patent granted to Apple by the U.S. Patent and Trademark Office on Tuesday titled „Location-based credential selection for wireless transactions,” suggests that a device like an iPhone could automatically present the correct credential or payment type for a nearby terminal. It does so by detecting a nearby terminal using radio technologies, such as ultra-wideband, to determine relative distance and to confirm the type of terminal being used.
The selection could be made based on the specific type of terminal being used, such as one used by transit authorities for train payments, which could trigger a regional transit pass to be used for fast-tracking purposes. A terminal in a supermarket may automatically trigger the use of a rewards card.
It could even be feasible for such a system to allow specific payment cards to be used in certain stores. For example, a credit card that provides bonuses for purchases from one retailer could be favored for such a transaction over others.
While this could be automatic, Apple includes the possibility for the system to alert the user to the type of card, pass, or other credential being used, to prompt a confirmation for a transaction to take place, or to authenticate the user for a payment.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
