Passbook isn't so much an app by itself as a container for other apps' data, such as tickets, gift cards and coupons. The idea is brilliant: Take all of those loyalty and gift cards that clutter up your wallet and put them on your phone. Sprinkle in a little bit of location-based razzle-dazzle that brings up the card you need when you get to the store, and you've got yourself a pretty neat e-wallet.
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Source: http://ectnews.com.feedsportal.com/c/34520/f/632000/s/2488693d/l/0L0Stechnewsworld0N0Crsstory0C763960Bhtml/story01.htm
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