How Is Apples IOS 6 Passbook App Going to Change the Electronic Wallet World?

How is Apples iOS 6 Passbook App Going to Impact Other Electronic Wallets?

Apple has entered the smartphone wallet business with a new application in iOS 6 called Passbook; a prelude to what might soon become a fully-fledged electronic wallet. With the Apple brand behind it, it is expected that all aspects of mobile payments, ticketing, and discounts will change forever.

Introducing Passbook

On Monday, June 11, 2012 at the Worldwide Development Conference (WWDC), Apple announced it’s very own mobile wallet application known as Passbook. Passbook is an iOS 6 app that will be fully integrated into the latest iPhone operating system. Expected to be released sometime in October it’s most likely to launch along with the iPhone 5 release. Apple provides an API to enable developers to create, manage and distribute Apple-approved boarding passes, reward cards, gift cards, incentive cards, and more in a single place. In a similar fashion to the iOS Books and Newsstand apps, Apple are providing a native platform that allows business owners to get their business and service offerings in front of iPhone users.

A Beautiful User Interface

Apple’s development of Passbook establishes a secure-standard for supporting and organising virtual tickets, store cards, coupons, and offers in the mobile iOS devices. An impressive array of features will appear at the time of the initial launch with a lot more to follow as developers start to integrate the system elsewhere. Prior to its official launch, Apple has already built an existing list of large retailers that wish to integrate the Passbook technology into existing iOS applications, such as Starbucks popular barcode payments app. More small and large businesses are expected to announce how they intend to use Passbook to their advantage closer to the launch date.

Passbook presents a great looking simple-to-use card-style user interface (UI) that updates live as the store cards or passes are used. Apple have taken care of the way that a user, and the business, interacts with the digital Passes. There are certain constraints, like the size of the Pass, or the number of fields allowed, or how the user can choose to be informed etc.. but Apple are attempting to offer a truly open system. An application that can be used by any retailer wishing to offer digital passes. There will also be a rich set of features, including time and location based information, access to prior purchasing history, and access to personal data.

Passes within the Passbook app itself are very attractive. They really feel great to look at and play with. It feels so much more 21st century than a stuffed wallet or purse full of paper and plastic. Each type of pass has a slightly different style that allows the user to quickly find the right one. For example a retail coupon has a serrated edges to graphically illustrate a discount or a movie ticket has a half-circle clipped at the top to illustrate the likeness of a ticket stub.

These Passbook standards and the API suggests Apple are creating their foundation for how they might wish to integrate their technology with Visa, MasterCard or similar payment card processing networks.

Built in Features

Passbook is a fully functioning application, and any business creating and distributing these passes can exploit the Passbook features immediately:

  • Geolocation
  • Push Updates
  • Calendar Updates

Geolocation: The pass will automatically appear when the iPhone user reaches a particular place. When the device is near a retailer, or whatever location the Pass creator chooses, a message appears on the lock screen to alert the user that they have a Pass (perhaps a discount coupon or a loyalty card) that can be redeemed. Not only is this very convenient for the iPhone user but also allows retailers the option to push offers and incentives based on a range of criteria, including that of location.

Examples:

  • A large chain coffee company delivers their loyalty card via Passbook so that it opens automatically once a user gets close to a particular store. Instant access is given to the barcode system which the user simply scans at the terminal and then they enjoy their cup off coffee. They don’t even need to type in their password to unlock the phone.
  • An electronic store ‘pushes’ a coupon the instant they arrive at the store; Passbook notifies the shopper of their current balance and the discount available.
  • A mass transit railway company issue Passbook Passes to display the number of rides or credits available, with a scannable barcode for use at the ticket office.
  • A ticketing company issues Passbook tickets which will instantly pop up at the time of the concert, and again when the device holder gets close to the venue; building up excitement and maximising audience engagement.

Push Updates: All coupons, cards and tickets come with the ability to dynamically update. Updated information can be instantly pushed to the iPhone lockscreen which then opens up the specific Pass in Passbook. The notice is pushed to the lock screen, the relevant pass then appears and the updated information is circled, with some cool animation; quickly informing the user what’s changed.

Examples:

  • An airline issues Passbook boarding passes. In the last hour they need to change departure gate, so push an update to all the Passbook boarding pass holders who quickly receive the updated notification and the Boarding Pass is automatically updated.
  • A large retail store, issues it’s loyalty cards via Passbook. When someone spends over a certain amount and they move to ‘Platinum status’, Passbook provides them a little ‘congratulation update’ and the Pass Image changes colour to indicate their new status.

Integration with Calendar and Reminders: The Pass can be tagged with a certain date and time. If activated, the reminder can appear in the user’s iOS calendar. At the appropriate time the reminder will appear on the user’s device and the can immediately go straight to the relevant Pass in Passbook.

Examples:

  • An airline ticket is purchased with date exclusions and alerts are sent to the Pass owner when an available open date presents itself.
  • Someone sends his birthday invites via Passbook and using the calendar invite feature the app will allow event tickets to be pushed on to friends to accept and attend.

By combining Geolocation, Live updates and the Reminder functionality the end user can look forward to a wonderfully rich experience. And thanks to Apple’s ingenuity, the user won’t be annoyed by the little things that could ruin the experience. For example the screen doesn’t rotate when a Pass is open; so unlike when using Safari, Passbook keeps your barcode in one orientation. Also, the screen remains lit when a Pass is open; nothing would be more annoying than trying to scan your pass and the screen saver comes on! Using Passbook is a truly engaging, exciting, convenient and useful experience. So much more fun than old paper tickets, or plastic membership cards that clog up wallets.

As Apple offers advanced functionality, and developers get to integrate more impressive options, the Passbook platform will end up a spectacular system for store cards, tickets, and payment innovations.

Bar Codes

Initially Apple is introducing Passbook with the integration of 2D bar codes. This simple bar code facility allows the user to redeem the voucher and allows the retailer to confirm the validity of the Pass. Apple chose 2D bar codes, instead of the older 1D bar codes, as there were some problems with scanners recognizing 1D barcodes on an LED screen. The Pass creator can choose to generate a 2 Bar Code in any of the most popular formats; Aztec, PDF147 or QR Code.

Near Field Communication (NFC)

Despite much speculation, it doesn’t look like Apple will launch Passbook with NFC (Near-field communication) integration although longer term there seems to be light doubt that this upgrade in hardware is on its way.

When NFC is released in a next generation of Apple iPhones it will offer the ability to integrate much better with retailers existing payment processing systems. NFC systems are at present being installed at many retailers (mostly larger establishments) as part of MasterCard’s and Visa’s mandate on having a high volume of NFC and EMV transactions by the year 2014. Apple are expected to be at the front of the cue with the NFC technology once its integrated into the iOS as more of the NFC payments systems become available at merchants.

Payment Integration

It’s just a matter of time before Apple put its full weight behind the Passbook app to integrate payment card facilities. Although, given the regulation and the general complexity of the payment space, we can’t see Passbook fully substituting existing payment cards (MasterCard and Visa), but rather combine the use of both of these services.

Apple is wisely implementing a wallet app that works with existing infrastructure, rather than against. A lot of companies have tried to completely transform the mobile payment space while ignoring the incredible weight and power of the companies they were trying to do battle with; namely the banks and credit card companies. With Passbook, Apple is clever to keep these guys onside by working with them and not against. Passbook is ultimately a platform for innovation allowing any company to easily be part of the mobile payments space, without having to heavily invest in their own wallet application.

Business Opportunity

Passbook is expected to have a direct impact on all businesses involved in payments, loyalty cards, store cards, gift cards, ticketing (airlines, trains, etc.), and incentive cards. Getting ready for Passbook now couldn’t be anymore obvious for small or large business alike. History has shown us that anyone aligning themselves with the Apple eco-system benefits massively. You only have to think about how many people are going to be rushing to the store for a new iPhone 5.0 and when they want to fill their empty Passbook, where are they going to turn?

In a similar fashion to the app store, Apple aims to seed 1000s of new ideas and start-ups. Companies that are already working to learn this technology will be the first to announce and benefit from this new eco-system. If you have ambitions for developing spectacular wallet ideas, then Passbook is a perfect platform for your creativity. Businesses don’t have to overly invest in a standalone application or try to solve all the interface challenges that Apple has worked out for them.

Apple has a long standing history of shifting the direction of a companies business plans, even the most successful ones. Passbook has the potential to make dozens of products irrelevant or redundant in the near future.

Some critics have suggested that Passbook is just a basic wallet application and not a required addition to the iOS. And it seems these people are ignoring the true opportunity. History will show that the introduction of Passbook all aspects of mobile payments, ticketing, and discounts will change forever. Time to get on board.

Commercial Agents – Tips to Increase the Sales of Commercial Property Today

When it comes to the sale of any commercial property today, there is plenty of competition to contend with. In most cities and towns, there are many good properties listed and being actively marketed. The biggest frustration in selling commercial property today is in finding the right buyers who can act with appropriate finance. In simple terms there are fewer buyers around; the experience and expertise of the real estate agent is more important than ever before in the sale process.

From the outset of the property marketing campaign, the specific target market should be the focus. All of the advertising should be written with a view to the targeted buyer. Clarity is important here.

All of the advertising for the property should be structured around the target and what they are looking for today; the advertisements, promotional material, Internet listings, and direct mail campaigns should all be similarly structured.

To understand this target market ask yourself these questions.

  • Where is the buyer for the property coming from?
  • What is the buyer looking for in selecting a property?
  • How much can they spend and on what terms?
  • What are the real features of the property that the advertising should be built around?
  • What is the best time of year to attract a buyer to the property?
  • What is the best method of sale that will attract the buyer to enquire and then to purchase?
  • What are the negative issues relating to the property that should be addressed prior to the campaign commencing?
  • What are the comparable properties nearby that frustrate the marketing process?

So these questions are critical to the property promotion strategy. The buyers in today’s property market are selective and fickle. There are fewer buyers around and negotiations take longer. That being said, the experience and skills of the real estate agent in the promotion, inspection, and closing of a property transaction is now more important than ever before. Knowledge and practice will help the process.

Every marketing campaign has to address the target market and promote the individual property. The days of generic marketing are gone. Specific target marketing with dedicated advertising that really encourages enquiry should be the main focus of every campaign.

The best ways to increase the levels of enquiry in every commercial property campaign include the following:

  1. The buyers of commercial property typically come from the local area. This means that your campaign should be directed to the local property owners and the local business owners. To achieve this focus, it is best to direct mail and telephone the owners and the businesses that own or occupy local property. Every piece of direct mail should be followed up to optimise the enquiry and the information.
  2. When any property comes on the market, within the first 24 hours ensure that flyers and information brochures are personally delivered to the neighboring properties and businesses within a radius of 500 metres.
  3. Place a prominent signboard on the property at the start of the campaign. This is perhaps the best and most cost efficient way of promoting any property. If possible ensure that the signboard has specifically been created with property information and sale details.
  4. When you draft your advertisements for the property promotion, use the keywords that apply today to the property type and location. These keywords will help the Internet Marketing and Internet listing. You can research the keywords from the larger search engines on the Internet. These keywords will be the words that the buyers of property are entering into the search engines when looking for properties to purchase.
  5. When the promotion of property commences, make personal contact with the database within your office. This means telephone calls and meetings with the appropriate people. The information and leads that you gather from the campaign will be helpful in other property promotions at a later time. All the information should be entered into your database.
  6. E-mail marketing will be a useful tool for every property promotion. Most agents are selectively sending out e-mail marketing each week. Any property promotion can be merged into this process.
  7. To sell a property today, the best method of sale should be selected. That will be the method that buyers respond to and act within. Do not choose a method of sale that can frustrate the potential purchasers. The
  8. Vendor paid marketing remains the normal and sensible alternative in every marketing campaign. Any serious property vendor will commit marketing funds to the promotion of their own property. Always ask for vendor paid advertising to comprehensively cover the target market.
  9. Create an inspection process and strategy that covers the property and its features. Understand exactly how you will take people to and around the property. Identify the right things to talk about with buyers, and get market information to support your presentations or inspections.

Even in this tougher property environment, good properties will sell. It is a matter of the agency working hard to locate the buyers and then promote the property effectively. This is a personal process when it comes to each and every property.

Open listings are generally a waste of time today as they always take longer to sell. Every serious vendor that needs to sell their property should commit to an exclusive listing and marketing campaign with one specialist commercial agency for a period of at least three or four months. If the property is unique then that time line will be longer.

Commercial Agents – Attracting the Right Tenant Enquiry for Better Leases

When it comes to leasing commercial property as an agent in this market, you need plenty of enquiry to convert into new property occupancy. In most cases, the enquiry will come from the local area and on that basis you should be constantly contacting all the local business owners and tenants.

The most common churn factors in commercial property leasing at the moment are:

  • Relocation for better rent,
  • More or less space,
  • Lower occupancy costs, or
  • Better improvements.

There is no doubt that when the commercial property sales market tends to slow, there is still a lot of opportunity in leasing. Business does not stop; it just changes and you need to see how you can serve those changes.

It pays to specialise in a property type and location so you can optimise the leasing opportunities you can put together. When you talk from a position of knowledge and information, landlords and tenants cannot avoid your services and offering. If you can prove and show that you really have got your hand on the market trends, then opportunity awaits.

Many commercial agents have made significant income and commissions from property leasing. It simply comes down to the following factors:

  1. The property type that you specialise in and what you know about that
  2. The size of property that you set as your minimum benchmark for leasing
  3. The types of tenants and landlords that you service
  4. Your knowledge of the local area with regard to rental types, lease types, and marketing strategies
  5. The supply and demand of property locally that can have impact on future enquiry
  6. The growth of the local business community that will create changes in property demand or usage
  7. The changes to the demographics of the surrounding population including population type, work requirements, spending patterns, and economic circumstances
  8. Changes to transport and services infrastructure that can impact property occupants and the way in which people access property for business purposes

So these factors will tell you what is happening in the local area and should be flagged to help you find the opportunity waiting to be tapped. Even when the sales market is slow or challenging, it pays to devote some of your time to leasing the better property types locally.

Keep in touch with the local business community so you know exactly what they are looking for and when they need it. An agent with this information is the agent of choice for business leaders and property investors today.