pre-installed on the Apple iPhone 5, set for launch on September 21st. What is the future of Passbook? The term 'virtual wallet' has been used to describe Passbook - a term that seems fairly accurate and in the future it's not too much of stretch of the imagination that it could replace your entire wallet. Could Passbook be used as a mobile payment system? Apple hasn't made any reference to Passbook working as payment system, it's merely to store tickets and loyalty cards. But Apple by its own admission has got 400 million users credit card details, so will iOS users eventually starting paying using their device and the credit card tied to an iTunes account?