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Complete Story
03/27/2024
The Apple Pay Threat Facing Banks
PYMNTS
A friend was preparing for a once-in-a-lifetime yoga retreat to a fancy resort in Malaysia. The trip was a long one with stopovers in Qatar and two days in Kuala Lumpur. The tour guide suggested that she put her debit and credit cards from her physical wallet into her Apple Pay wallet to keep them safe. In the event her purse or wallet was stolen, she could easily cancel cards and have them reissued virtually on her phone, they told her, and she would be able to use her Apple Pay wallet to pay. As a long-time iPhone and occasional Apple Pay user, the idea never occurred to her. Now all the cards she uses frequently are organized inside of her Apple Pay wallet for use on that trip — and everywhere else once she returns.
It took me less than five minutes this weekend to do the same thing. Until then, my Apple Pay Wallet included only my Apple Card and my Apple Cash card. Out of curiously, I checked my transaction history using Apple Pay over the last few years, since I felt instinctively my use of it had increased.
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