Word Lens might be the app everyone is looking for. Imagine in a foreign country with foreign language. You swipe up a phone with Word Lens and it transforms those words in front of your eyes. Watch the video.
Currently, it is only Spanish to English and English to Spanish translation. Nevertheless, looking at the hit count of the video, the developer, Quest Visual, should get the hint that many people are interested in it. Currently, only on iPhone and the developer mentioned that it will concentrate its first release on one platform.
Watch how the words are translated using augmented reality.
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(source)