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Tim Cook's ambition is that this new service will replace consumer wallets.
BIPS lost 1,295 bitcoin from its own accounts, as well as money from "several" consumer wallets.
That could be an important protection because of the uncertainties that remain in the economy, including rising gasoline prices that threaten consumer wallets, growth fund managers say.
For a while during the recession, emerging market strength had some negative effects; by driving up commodity prices, they squeezed consumer wallets in the developed world.
Few hundreds are actually found in consumer wallets; instead of passing quickly from hand to hand, they tend to be held as a reliable store of value.
Their challenge in the coming years is to convert that dominance in time and attention into a bigger share of consumer wallets — a bigger share of money they spend either directly on Facebook or indirectly through advertising".
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"There are a whole host of consumer purchases vying for the consumer wallet," Mr. Klein said.
Last week, One MobiKwik Systems, a startup in Gurgaon, introduced the country's first consumer wallet, which allows users to stock cash into an account that can be used with 500 merchants nationwide.
"Our consumer wallet growth is 10x in the last year, and despite the price going up or down our core metrics around user sign-ups, deposits of bitcoin, and so on, continue to grow at a good rate.
The UBS analyst cut profit forecasts for M&S by 3% and Debenhams by 11%: "There is an increasing fear that the consumer wallet is smaller and only the retailers with promotions will get the footfall".
"There's a death struggle between cable and traditional (phone companies) for the consumer wallet," says Ford Cavallari Ford Cavallari, a broadband and media expert at consultant Adventis.
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