Slashdot Mirror
The Cashless Society? It's Already Coming
HughPickens.com writes Damon Darlin writes in the NYT that Apple pay is revolutionary but not for the reason you think. It isn't going to replace the credit card but it's going to replace the wallet — the actual physical thing crammed with cards, cash, photos and receipts. According to Darlin, when you are out shopping, it's the wallet, not the credit card, that is the annoyance. It's bulky. It can be forgotten, or lost. "I've learned while traipsing about buying stuff with my ApplePay that I can whittle down wallet items that I need to carry to three": A single credit card, for places that have not embraced, but soon will, some form of smartphone payment; a driver's license; and about $20 in cash. Analysts at Forrester Research estimate that over the next five years, US mobile payments will grow to $142 billion, from $3.7 billion this year. "If I were to make a bet, I'd say that 10 years from now the most popular answer from young shoppers about how they make small payments would be: thumbprint. And you'll get a dull shrug when you ask what a wallet is."
> earned while traipsing about buying stuff with my ApplePay that I can whittle down wallet items that I need to carry to three": A single credit card, for places that have not embraced, but soon will, some form of smartphone payment; a driver's license; and about $20 in cash.
Okay... so why is ApplePay required to get down to those 3 items? Surely he can do with just the 3 and no apple pay....
Without a smartphone, it seems that you'd get by with a single credit card, a driver's license; and about $20 in cash.
I choose to use cash because most of my transactions are one where I do not wish to enter into a relationship with the other party.
Since I don't know how they will use my information, where there will upload it, what third party services they use and since nearly all do not have these answers when I ask, the only way for me to OPT OUT is cash.
The credit card company loves people like you who evangelize the idea of using your credit card for everything and then paying it off immediately and then earning cashback on it.
Why? Because most of the people you reach with your message will fail to do so correctly, and ultimately will owe the credit card company fees. The road to hell is paved with good intentions.
It's just too tempting for most people to say, "Well, this ONE month, I'll pay it late and then get that JetSki I've had my eyes on."