Apple Money = Death of physical money?

[DBZmusicboy01]

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.

 

[michael9891]

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?

 

[maka344]

Just no.

 

[Newtons Apple]

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.

You come up with the wildest "stuff".

The day our government eliminates cash is the day we lost control or our government.

 

[0007776]

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.

 

[smirking]

Eventually, physical money probably will become extinct, but it's not going to happen in any of our lifetimes.

Just out of curiosity, I started this poll about payment preferences. How do you prefer to pay for things? Do you prefer digital wallets like Apple Pay, Cash, or Credit Cards?
https://forums.macrumors.com/thread...dit-card-as-your-main-payment-method.2050662/

 

[Mr_Brightside_@]

And when the battery dies?

 

[joeblow7777]

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!

 

[BigMcGuire]

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.

 

[Gathomblipoob]

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.

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.

 

[AndrewR23]

Damn pass me that KoolAid that you are drinking.

 

[BigMcGuire]

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.

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.

 

[EM2013]

Damn pass me that KoolAid that you are drinking.

I want what he's on too

 

[actcyclist]

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.

 

[Shanghaichica]

I wish they physical money would die but it will be around for a long time to come especially in third world countries.

 

[akash.nu]

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.

 

[akash.nu]

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.

 

[pika2000]

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.

 

[akash.nu]

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.

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.

 

[rctlr]

Most all places in the UK takes Apple Pay, or some kind of Contactless payment now.
I seldom carry cash.

 

[pika2000]

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.

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.

 

[paulryp]

my Visa card killed money for me many years ago.

 

[kkh786]

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!

 

[akash.nu]

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!

Exactly, even the local chicken shop takes contactless here.

 

[bushman4]

apple pay will never replace cash!

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