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What's in your wallet?

Ever heard of Google Wallet? Probably not.

Technology advances so rapidly that it's easy to overlook how many dazzling concepts are introduced and then fizzle. This isn't a rant about the jet packs we were promised. It's about the digital wallet.

The idea of making purchases on the go without reaching for cash or a credit card has been around at least since 1997 when you could text yourself a Coke from a vending machine. It was tried in Finland and obviously didn't catch on.

The smartphone has enticed many of us to shop online away from home, but for most purchases it's still cash, credit or debit. Maybe a check, if you're over 40. Now Apple thinks it has cracked the code, unveiling a mobile payment system connected to the newly introduced iPhone 6 and Apple Watch that will allow consumers to make in-store purchases by swiping the phone in front of a scanner.

According to the company's announcement last Tuesday, Apple Pay allows in-store purchases with a swipe of the phone over a scanner. In addition to the credit card tied to iTunes, consumers can add other cards to the account.

The concern of many consumers is the security of transactions. Apple was just in the news because hackers managed to gain access to the photos of numerous unclothed celebrities, apparently through Apple's iCloud service. Apple Pay uses an encryption and communication system in which the actual credit card information is neither transmitted to the retailer nor stored on Apple's servers, the company said. Transactions also require the user to place a thumb on the phone's fingerprint verification button.

A lot of big companies are on board. A list of initial retailers that will participate includes Macy's, McDonald's, Walgreens and Whole Foods.

We're a long way from being able to ditch the wallet. No jet packs yet, either.

Editorial on 09/16/2014

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