Enabling Technologies

Apple Pay 2.0 Revealed in a Patent, Coupon Redemption, Ticketing, Et Al

MEDICIFounder and Chief Strategy & Innovation Officer

We talked about it earlier that Apple Pay 2.0 will be a giant step towards a complete wallet and will have coupons, loyalty and ticketing functionalities. And today we have solid proof that it is actually going to happen. U.S. Patent & Trademark Office published a patent application from Apple recently that revealed a new Apple Pay feature set. This is the schematic diagram of what all it will include - Please note the Metrocard for transportation ticketing, Coupon redemption apart from payments. The updated Apple Pay will also feature Lower NFC Power Mode Feature.

apple pay 2.0

Source: Patently Apple & USPTO

Details of the Patent published on 12th February 2015

Portable electronic devices (e.g., cellular telephones) may be provided with near field communication ("NFC") components for enabling contactless proximity-based communications with another entity. Often times, these communications are associated with currency transactions or other secure data transactions that users rely on every day, such as credit card payments and public transportation ticketing. However, due to the limited amount of power available to battery operated devices, the NFC capabilities of such devices are often compromised or rendered unusable when their available power drops below certain thresholds.

According to Apple, near field communications may be managed differently according to different power management modes of an electronic device. In certain low power management modes, certain components of an electronic device may be at least partially disabled or shut down to conserve power.

According to USPTO page, if a user does not choose to cancel the enabled credential via option 437, control application module 330 may allow the enabled credential to be potentially utilized by NFC component 120 for at least a certain duration of time (e.g., duration of time 435 as shown in FIG. 4F). Such duration of time 435 may be based on preferences of a user and/or based on preferences of a manufacturer of device 100, which may be defined or otherwise dictated by an application running on device 100 (e.g., application 103 and/or application 143). For example, duration 435 may vary based on a security level associated with the enabled credential (e.g., a credit card credential of option 419 may warrant a high security level and may demand a shorter duration 435, while a coupon credential of option 421 may warrant a medium security level and may demand a medium duration 435, and while a metro card credential of option 423 may warrant a low security level and may demand a longer or undefined duration 435). Such duration 435 may be clocked by control application module 330 and may be continuously updated as part of credential enablement information 433 by NFC enabled data 333e (e.g., on screen 400f) so as to indicate to the user for how much longer the credential may be enabled for potential use as NFC communication 55 before once again being disabled.

As this patent with Appl. No.:14/063433 was filed on October 25, 2013, it is not clear when the new wallet will be launched. There is a high possibility that it might be announced in one of the following events (un-confirmed):

June, 2015 - Apple WWDC 2015 Keynote Address

September, 2015 - Apple iPhone 7 Event

You can read more about the technical details of the patent here

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.