Should You Abandon Your Wallet For Apple Pay?
The prospect of ditching your wallet to use your smartphone is tempting, but is it a good idea?
With Apple Pay on the horizon and the features Apple has described up until now, it can be tempting to toss your wallet and all the cards in it to the wayside and de-clutter your life. With multiple cards to wrangle and so little time to handle them all, the idea of having payment at your fingertips through your smartphone is definitely an attractive one. But before you make the commitment to go exclusively mobile with your payments, take some time out to consider these things.
Mobile payments have been around for a while, but there's a reason it's not more widely adopted.
You've been able to make mobile payments like Apple Pay is set to do for some time, but there's a reason it's not that widely used. There's uncertainty about the security of such actions, and with the recent iCloud breach and celebrity photo leaks, it's understandable as to why it hasn't exactly taken off. And while Apple stresses that card information won't be shared with vendors and it will be on the phone itself, there still poses a security risk with personal information on the hardware. Even though it can be deactivated, consumers may not be so willing to take all of their tangible purchasing power away and put it in the hands of a phone that could fail, break, or be out of battery when the time comes to make a purchase.
Most retailers will not be accepting Apple Pay for quite a long while, if ever.
There are currently plans for 220,000 outlets to adopt payment systems that allow consumers to use Apple Pay, versus 9 million in the country -- that's a lot of places to not be able to use Apple Pay at places that take debit and credit cards. The fact that PayPal isn't even as widely available as it could be is an ominous sign that retailers simply aren't moving to embrace modern technology as quickly as they could, and with PayPal you at least have the security of knowing your cards are in-hand. Switching to a phone-only economy will severely limit the amount of places you'll be able to shop if you choose not to carry a lot of cash, so this is a huge issue you'll want to consider before changing over permanently.
The technology is in its early stages
When Apple Pay is rolled out, of course it will likely have gone through several stages of testing, but it's not going to be perfect. And while that can be said about any electronic device in the realm of consumer electronics, is something that's just rolling out really what you want to trust all of the sensitive financial information in your wallet to? Are you ready to place that kind of trust in Apple?
After considering these points, what do you think? Does using Apple Pay seem more like a viable option? Let us know in the comments below!