Pay me what you owe me

ApplePay launched last October, and its success (or failure), will impact how consumers pay retailers in the future. Big chains may accept it, but smaller, independent businesses may balk, and even some very large corporations are not in support of the concept. Some of that is coming from their own desire to develop their own banking/finance system.

I believe that Apple Pay will be the future. Currently places such as Starbucks and Yogurt land have apps to pay vendors electronically. In this situation I see no real difference. Small businesses who do not use this may not be as appealing to the younger generation who frequently use their phones, but essentially will not run out of business because lack of physical money.

In my opinion, I think this is genius. Most people like myself never have time to make personal trips to the bank. I pay for everything using my credit card. The problem I often encounter is switching purses and forgetting my cards inside the other purse. Because of this problem I don’t get to each lunch for the day. By storing my credit card information on my phone it will eliminate the problem completely. Cash in general is not used as frequently anymore so I don’t think apple pay will completely eliminate physical cash. My only worry is the protection involved. Will phones have some defense? With iPhones being a high commodity as is, will this increase their value if thieves can steal your phone and your credit card information all in one swipe? I only see myself converting if I know its safe.