Apple Money = Death of physical money?

Discussion in 'iPhone' started by DBZmusicboy01, Jun 12, 2017.

  1. DBZmusicboy01 macrumors 6502a

    Joined:
    Sep 30, 2011
    #1
    It's very helpful to have digital money and simple as well.
    But I believe if Apple uses it as a feature on future iPhones..
    I see that physical money won't exist anymore.
     
  2. michael9891 macrumors 6502a

    Joined:
    Sep 26, 2016
    Location:
    England
    #2
    I'm sorry but that's a pretty ridiculous thing to say. Just because Apple makes it easy to send money between people, how does that spell the end for physical money?

    Shopping trolleys that require money to use, slot machines, market stalls & many other places that require cash are just going to stop using cash because of Apple payments?
     
  3. maka344 macrumors 6502a

    maka344

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    London, UK
  4. Newtons Apple Suspended

    Newtons Apple

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    Mar 12, 2014
    Location:
    Jacksonville, Florida
    #4
    You come up with the wildest "stuff".

    The day our government eliminates cash is the day we lost control or our government.
     
  5. mrkramer macrumors 603

    mrkramer

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    #5
    It won't work as a complete replacement for several reasons. First of all not everyone has iPhones, and having multiple competing ways to send money will not work to replace cash as it is a way you can send money to anyone without any incompatibilities.

    Second go outside of a major city and you will see that the infrastructure in this country is not as well developed everywhere so for something that is going to require a constant internet connection will not work to replace cash.
     
  6. smirking, Jun 12, 2017
    Last edited: Jun 12, 2017

    smirking macrumors 6502a

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    #6
  7. Mr_Brightside_@ macrumors 68020

    Mr_Brightside_@

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  8. joeblow7777 macrumors 601

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    Sep 7, 2010
    #8
    No. There's just too many practical reasons why physical currency will need to be around for a long time to come.
    If we were ever to go all digital with money, there would need to be something much more universal than Apple Pay, because believe it or not, not everyone has an iDevice!
     
  9. BigMcGuire Contributor

    BigMcGuire

    Joined:
    Jan 10, 2012
    Location:
    California
    #9
    Even with Apple Pay - I find quite a few restaurants, even though they support it, the payment never goes through. El Pollo Loco near my house - its been months but Apple Pay just never goes through. Jersey Mikes - it has always worked there but man that place is expensive. Out of all the places I frequent, only 30% (rough estimate) offer Apple Pay and out of the 30% about half actually work reliably.

    No. Not going to happen.
     
  10. Gathomblipoob macrumors 68040

    Gathomblipoob

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    Mar 18, 2009
    #10
    I stopped using Apple Pay pretty quickly because there was always a problem at the point of purchase, usually a cashier who didn't know how it worked.
     
  11. AndrewR23 macrumors 68040

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    Jun 24, 2010
    #11
    Damn pass me that KoolAid that you are drinking.
     
  12. BigMcGuire Contributor

    BigMcGuire

    Joined:
    Jan 10, 2012
    Location:
    California
    #12
    YES. This. I can't tell you how many times I was double charged because the cashier had no clue how things worked and demanded I handed them a card after it clearly showed I paid on Apple Pay. Yes, I avoid it most of the time for this reason. Also because for whatever reason, a good percentage of the times I try to pay it fails.
     
  13. EM2013 macrumors 65816

    EM2013

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    Sep 2, 2013
    #13
    I want what he's on too :D
     
  14. actcyclist macrumors member

    actcyclist

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    Jun 10, 2017
    #14
    I can see cash slowly dwindling away; but I'm in Australia where contactless payments are almost 100% and usage of cash is dwindling
    Apple money, once it comes here, will be handy because at the moment when I share a meal it sometimes involves opening a bank app and transferring- though the government just forced the banks to start transferring money instantly 24/7, Apple Money will probably be quicker.
     
  15. Shanghaichica macrumors 603

    Shanghaichica

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    Apr 8, 2013
    Location:
    UK
    #15
    I wish they physical money would die but it will be around for a long time to come especially in third world countries.
     
  16. akash.nu macrumors 68020

    akash.nu

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    May 26, 2016
    #16
    As everyone else mentioned, Physical money is here to stay but personally I've completely switched to Apple Pay with all my transactions. I am in London though so almost every place is contactless now including public transport.
     
  17. akash.nu macrumors 68020

    akash.nu

    Joined:
    May 26, 2016
    #17
    As everyone else mentioned, Physical money is here to stay but personally I've completely switched to Apple Pay with all my transactions. I am in London though so almost every place supports contactless now including public transport. I only carry a card when I know that there is a chance of individual transaction to be more than the maximum allowed amount.
     
  18. pika2000 macrumors 68030

    Joined:
    Jun 22, 2007
    #18
    Apple money is in a sense, imo going to be Apple's trump card in emerging market. In emerging market, majority of the population is not banked yet. There are gajillion "e-wallet" solutions, which are great, but highly fragmented. Even the rich don't necessarily use credit cards due to their lack of trust in the government and the banks. As a brand, Apple might be more "trustworthy." Once people put money into Apple money, it also works as locking people into the Apple ecosystem.

    Will see how this plays out. We are simply seeing the first baby steps.
     
  19. akash.nu macrumors 68020

    akash.nu

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    May 26, 2016
    #19
    If by emerging market you mean the third world countries then I must point out that Apple's market share in these countries is so low that this will not make a dent. People in the third world countries still can't afford Apple devices to begin with.

    Also there's a mindset of not using digital money at all. Cash is the king there. Plus in these markets hardly anyone buy into an ecosystem. They just buy what works for them and frankly being part of the Apple ecosystem is way too expensive for them.
     
  20. rctlr macrumors 6502a

    rctlr

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    May 9, 2012
    #20
    Most all places in the UK takes Apple Pay, or some kind of Contactless payment now.
    I seldom carry cash.
     
  21. pika2000 macrumors 68030

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    Jun 22, 2007
    #21
    Apple is not looking at the current state of emerging markets, they are looking at where these emerging markets will be. Let's face it, emerging markets are where the growth will be. The target are those who have/start to have more disposable income. Since housing and cars, the typical status symbol in developed countries, are often out of reach in these markets, people are flocking into gadgets for prestige. Just look at how Apple is actively cozing up to China, even when Jobs was still around. I can see Apple money being one of the efforts to lock in people into the ecosystem. In these markets, people don't trust their own government nor local banks. But Apple does have a great brand reputation, especially amongst the haves. Sure, cash is still king, but it's more reason for Apple to actively develop their own solution instead of relying on the legacy banking system.

    Do not underestimate the consumption behaviors of the emerging markets. Samsung is always selling out on their Galaxy S/Note pre-orders. And even when Apple products are priced more than US, people are still buying them.
     
  22. paulryp macrumors regular

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    Sep 22, 2016
    #22
    my Visa card killed money for me many years ago.
     
  23. kkh786 macrumors regular

    kkh786

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    Nov 25, 2013
    Location:
    United Kingdom
    #23
    In the UK, I can go months on end without the need for using cash in my daily flow.
    We have been long established with card payments here in the UK and now we are getting to a similar level with contactless NFC payments (Android Pay/Apple Pay).
    It has been a rarity for me to find a retailer that supports card payments and not support contactless payments (most retailers have updated to contactless payments)!
    Paying with my Pixel or my Huawei Watch 2 is a real pleasure and easy as chips! ;)
     
  24. akash.nu macrumors 68020

    akash.nu

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    May 26, 2016
    #24
    Exactly, even the local chicken shop takes contactless here.
     
  25. bushman4 macrumors 68000

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    Mar 22, 2011
    #25
    apple pay will never replace cash!

    While it's useful and convenient many small merchants etc will never adapt it
     

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