Apple Pay Is Killing the Physical Wallet After Only Eight Years | WSJ Tech News Briefing
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- Опубліковано 23 чер 2024
- When Apple launched Apple Pay in 2014, it didn’t seem like the contactless payment system was much of a hit with customers. Flash forward eight years and the iPhone maker has convinced millions to make their smartphones their wallets.
WSJ “Science of Success” columnist Ben Cohen joins host Zoe Thomas to discuss what Apple’s slow-and-steady approach can teach the rest of the tech world.
Photo: Maxim Zmeyev/Reuters
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Let's not forget that Apple Pay in 2014 required a brand new iPhone in order to use it. A significant portion of Apple's user base wasn't able to use it even if they wanted to. As each successive iPhone incorporated the technology and older iPhones were replaced the number of people who could use the technology increased.
Older devices got to landfill because they got softwarelocked
Luke Miami recently made a video about it
@@houghwhite411 even if they did get software updates, they wouldn't have been able to use apple pay because apple pay needs NFC
great point
water is wet!
I think the expert is just another jack of all trades who can make loose commentary on anything, without specific historicisation, or design, marketing, and logistics that make a thing work.
I can’t imagine not having Apple Pay at this point once they drivers license rolls out for the app, I’ll never carry a wallet again.
*Majority of the country does not use IPhone 60%, so why only "Apple Pay" not Samsung Pay or Andriod Pay?*
*How much money did Apple provide for WSJ to produce this piece?*
We have digital drivers license in Australia.
@@adamknight5089 not in Victoria yet.
How does that work?
@@onlyclaude Really? OK, I'm in NSW
I think Covid boosted adoption extremely quickly. Where I used to live, many businesses stopped accepting cash and basically every store adopted contactless compatible payment terminals
Yes, as an early adopter I was frustrated with the lack of businesses using it pre-Covid. Once the pandemic hit I notice a significant increase.
Here in australia, we have had contactless payment for years, surprised the usa didnt catch up until covid
@@lmc87lmc-archive95 I was in Australia in 2017 and everytime I used PayWave I got so excited
In Canada, contactless was already standard before Covid. Covid reduced my use of Apple Pay on my phone because of masks. I still used contactless with my card. I'm now returning to using Apple Pay.
Ever heard of silvered fiat currencies and silvered coinage? In my country we have LOTS OF SILVER and we have been using them to create our silvered fiat currencies and silvered coinage for our national defense department knew of many scenarios and our leaders has pro-actively started in creating and using such silvered fiat currencies and silvered coinage and hey knew the pros and cons of such contactless payment systems and THEY HAVE THE WISDOM NOT TO ADOPT SOMETHING THAT CAN BE ABUSED AND MISUSED BY CORRUPT PEOPLE!
I'm glad he acknowledged that many places outside the USA had adopted contactless payment systems long before Apple Pay existed. I remember people from other countries shopping w/ NFC chips in their debit cards at a retailer I worked at in the late 90s and early 2000s.
cant wait for apple glasses
In the 90s it was only for bus transport in SK...
Brazil kicks American butt when it comes to contactless terminals. Heck we still have large restaurant chains in the u.s. that only used swipe card readers up till 2020. That’s ridiculous.
We’ve had the same system before Apple Pay that’s not what he was referring to hes specifically speaking on contactless pay involving a device not a card majority of people don’t even know what NFC is
@@deancuban894 *Majority of the country does not use IPhone 60%, so why only "Apple Pay" not Samsung Pay or Andriod Pay?*
*How much money did Apple provide for WSJ to produce this piece?*
I NEVER used Apple Pay until the pandemic and I haven’t stopped using it since. It’s really convenient, especially at gas stations
@Christopher Jacobs yes
@Christopher Jacobs Sometimes I use my smart watch, what do you use?
@@tyrand honestly find it easier to double tap my phone over spinning my wrist around
Same, I started using it because I had Credit Cards stolen from GYM locker. Even though I can't use it everywhere, I am basically at the point I don't carry a plastic anymore. I rewards the places that accept this technology. Even if I have to use the Google version (which I haven't yet).
And in 2022, you still can’t use Apple Pay at Home Depot and Lowe’s. Enormously frustrating.
And, Walmart 🤪 Have to bring my physical credit card at Walmart and HD. This forces me to use Amazon.
Maybe in America. You can in Canada.
@@speedy0 You’re “forced” to used Amazon because a retailer doesn’t accept Apple Pay?
@@xkaokdkl11933 makes perfect sense that an American company would have stores with more functionality in other countries for…reasons…
Lol. So true.
I think it’s a couple of things.
1. It was limited to 1 iPhone when it came out. Now almost all iPhones in the last 10 years have the NFC hardware.
2. Chip-based credit cards. These rolled out in the US at the same time and required either a new hardware reader or update to a reader in retail store. The new readers had NFC hardware as well, so Apple got the benefit of that.
3. The pandemic. People wanted to stop touching things in the pandemic as we didn’t know about surface spreading or not. So use your phone and basically never press a button or pass along a card again.
In Cambodia, we have a universal QR code system, we scan and send money back and forth, all banks take no profit from merchant, they receive 100% of the payment. A lot of stores and supermarkets start abandon POS machine all together.
That sounds awesome!👍
yeah, apple definitely makes POS machines...
Sounds like a great place to be
Here in Argentina we have something similar. It would seem that developing countries that implemented QR at once are actually more "advanced", as it is a cheaper and faster technology than NFC tags.
QR codes have a limit to how many can be generated, we’re nowhere near at the limit but they do have a limit so not the best strategy for everyone
The pandemic helped a lot. I feel like out here, in LA at least, shops and take out joints encouraged it bc it was contactless.
Things are getting dicey, and the sad part is that a lot of people won't realize how bad things are until it's too late.
Most times it amazes me greatly the way I move from an average lifestyle to earning over 63k per month, utter shock is the word. have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.
@@thomasnorris7285 Wow buddy, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.
@@johnnycharles4163 Anyways not actually, what I know about trading almost borders on zilch lol. I make huge profits on my investment since I started trading with Mrs Debbie Ramirez, her trading strategies are top notch coupled with the little commission she charges on her trade.
@@thomasnorris7285 That's a real success story in my opinion, please are you giving her your money or your coin?.
@@ebonicalbert5711 My coin stays right in my trading account, my account just mirrors her trades in real-time that's the idea behind copy trading.
In the United States, we have an abundance of retailers that accept Apple Pay, but it's still good to carry the physical card with you, being there are still a large quantity of places that do NOT accept Apple Pay.
Many US retailers have the ability to accept NFC transactions, but their machines are behind the counter and not easily accessible to the customer.
Walmarts near me don't accept nfc payments
@@curmudgeonextraordinaire1884 You just ask and they move it so you can tap. Never had an issue with the people who keep it behind the counter.
Walmart is the holdout. Ugh.
@@CityLifeinAmerica We shouldn't have to ask. That's the issue. Bonefish Grill actually has portable terminals but they still insist on ripping my card away from me to pay. Also found out that their machines don't have NFC enabled, and don't allow tipping from the reader. Waiter had to go back and get the receipt so that I could tip.
In the UK I think 99% of the shops accept contactless payment
In India, which is a heavily cash based country, we youngsters don't carry that much cash now. Almost every store and vendors have UPI ( a barcode based payment method ) and also we can use NFC card payment if needed. Digital wallets made life much easier ✨
I am an NRI in New York City. thanks for sharing
I am a 50 year old NRI who visits Mumbai for girls. last I was there in 2015. I had no clue how rapidly india is evolving...
Apple Pay killed physical wallet in Russia in 2016(apple pay started working in Russia in 2016). But nowadays..
The problem is also that some places like Walmart still refuse to accept Apple Pay still since Walmart has to pay Apple and the credit card network like Visa, Mastercard, Amex and Discover a cut as well as well as the card issuer bank like Chase. With Walmart Pay, the money would go to Walmart, the card network and the specific card issuer like Chase. Like Walmart and the Walton family doesn't have enough money as it is.
Yeah, I went to Walmart recently and I didn’t know Apple Pay didn’t exist there. I had loads of groceries and went to self check out with my iPhone. Let’s say I was disappointed
Walmart and Lowe’s refuse to adopt Apple Pay. I think that is one of the many reasons I don’t like to go to Walmart.
@@jearauz it’s ratchet anyways I prefer target
Walmart is like the only store I went to that didn’t have Apple Pay. Even most small biz support it
@@SethuSenthil Walmart, Home Depot, Lowes and Kroger. I know some regional grocery chains haven't adopted as well. I am a Millennial in their mid 30's and while I think we all like to jabs at the younger generation. Gen Z's adoption of NFC payments and push for this globally I am very happy about! Anyone who has ever had their wallet or CCs stolen knows the pain. WTF you have to carry a plastic card when you can pay with a biometric secured phone is crazy to me. Mark my words when Gen Z is home buying age and shopping at Lowes and HD these two companies will be changing their checkout systems rapidly. Its crazy Harbor Freight is setup for NFC but not these two behemoths.
We only got Apple Pay in South Africa in 2020/2021 and it’s widely accepted.
Waka Waka
🇿🇦
We had Samsung Pay in South Africa since 2017. Apple was just extremely late
I used to live in HK and the contactless octopus card was pretty much all we used for daily goods shopping and travel. The card was built into some phones as well. So when Apple Pay came it was an instant switch
Singapore tried to replicate the versitality of Octopus cards by updating its EZ-Link cards in 2009 to meet the gov't established CEPAS standard, envisioning that it could be used not only for public transport (what its originally designed for) but @ other merchants too. It failed as many other merchants were reluctant to spend money to rent the card readers needed to accept EZ-Link payments
Lose your phone and you lose everything. No thanks. I'll take the minor inconvenience of having a separation of concerns over a major inconvenience of losing everything.
If you lose your phone someone would need to use your passcode to pay or Face ID which would be really unlikely. You can also turn off all your cards using another phone or computer and you can remove cards from your Apple wallet remotely and erase your phone remotely
You sound old lol. You can’t even get in the phone without your face or passcode
@@tc3693 Illusion of security as all of that can be bypassed once someone has the physical device. Phones are NOT secure devices despite what the mfgs want you to think.
Contactless has been a huge thing in the UK for years now. Phone or card, they are both as popular as each other for NFC payments
The US has been lagging behind the UK when it comes to banking.
@@ceuser3555 Lagging behind when it comes to most things.
@@deaddoll1361 true.
It's interesting to see how contactless payments are not that common in the US (although it has improved over the last couple of years), some people would be surprised by me paying with my phone. I am European, live in Madrid, Spain, and have been using Apple Pay for around 4 to 5 years. I believe almost 99% of businesses accept apple pay, and I would say 100% of those who accept credit cards. I found a big difference in restaurants too, I always pay with apple pay in restaurants which is not common in the US (at least in New Orleans where I've lived)
Elderly people doesn't know how to even use Smart Phones. I'm sure once the baby boomers pass on, we'll be all contactless.
I had originally thought it was a gimmick but now I use both Apple Pay and GPay whenever I can. The best part is transit payments. No more carrying around a card that is easily bent or lost.
Also it doesn’t require pin numbers. Even with nfc cards, every fourth transaction must be verified with a pin.
Yh escorts love it
What about driver’s license?
@@frog212whyd4 As of now, only Arizona and Maryland allow for your DL to be stored electronically. You can do that in Apple Wallet.
Wow letting govt spy on you through apps communist
Once Apple implement identification cards, health cards, driver license into their digital wallet- I will never carry a wallet ever again. It's so convenient and time saving.
That’s what I’m waiting for.
and then your phone stolen or missing before your even realize... great...
@@zulfika_ you lock your phone or not?
@@zulfika_ and then u have ur actual wallet at home. just disable the wallet from another apple device and you’ll be fine
@@MaxMustermann-vy7ur what you talking about m0r00n
This should be retitled as “it took eight years IN THE USA to be widely adopted”. It didn’t take that long outside the USA and has been massively adopted in Europe where we’ve had contactless for nearly 20 years. Too American-centric….!
This is the Wall Street Journal. Of course it’s U.S.-centric.
On a side note, this is why I think the U.S. should end all foreign engagement. Foreigners think Americans should pay attention to them without considering why we’re not paying attention.
Jfc it's an American news channel. You can look at BBC, DW, etc. if you'd like more European-centric news.
@@darkcornbreadhunter well yes, but Apple is a global firm. So what if it took a long time in America? Point is it didn’t anywhere outside of America which isn’t even/or hardly mentioned in the teport
@@narendrarautela7517 k. Tell me that when I’m watching UA-cam on a non-American website on a device that’s not a U.S. brand.
NFC has existed a long time in Europe. But nothing like Apple Pay existed in Europe. That’s American and it’s become widely adopted in America and Europe at the same time. Europeans weren’t using an equivalent of Apple Pay 20 years ago lol
Adding to the human behavior factor, the most digital of humans (the late Gen Zs) just began to start getting credit and debit cards and getting our parents and families to use it too. This was just magnified by the pandemic too.
You're actually right. I just got a CC and I got the Apple Card, I started using Apple Pay and it was great. I raved about the 2% cash back with apple pay and my parents with a 1% back card eventually got the Apple Card and bam. My being old enough for a card added 3 people to the Apple Pay ecosystem.
I remember owning a pixel 2 and using android pay back then and the cashier just looked at me in disbelief, like i was straight out of harry potter or something. Using Apple Pay is so convenient, not having to carry around an extra card when I can use my phone which I pretty much always carry on me when I'm out as well as my watch which is super convenient if my phone dies or my hands are full of stuff and I dont have time to get my phone out.
India has UPI system we just have to scan QR code to make transactions... directly from our bank to others bank account 🤔 why cant US have it...?? No transaction fee both for u & shop owner...its completely free of cost here
@@vinaybhat7670 most contactless machines don’t take a fee
@@anaymakan6989 They dont take fee from customers...but they take fee from Shop owners..
Indian UPI system is free for both Customer & shop owners.
I have a Motorola phone and use Google Pay...I paid for a pizza with my phone and the cashier said "I didn't even know that was possible"....This was in 2022
@@Highgear145 wow they must’ve been living under a rock 😂
Seeing a growing number of retailers getting hacked for CC info really accelerated my use and eventual preference for Apple Pay after learning the retailer never gets the actual card number in the transaction.
+100 if everybody uses contactless payment, there will be 0 credit card fraud.
They also don't get your cc number if you use chip. That's the whole reason every card now has a chip.
@@wessydafall oh, I didn't know that, good to know. Oddly enough the chip became standard after Apple Pay in the USA, Europe seemed to have the chip forever before the states.
@@funny2thag In Finland we’ve had the chips as the standard for well over a decade, and contactless is becoming the new standard here. Pretty much every credit or debit card is contactless, and almost every store here accepts contactless (even tiny mom & pop shops).
U do realize it uses NFC and that my friend is like Bluetooth. Have someone around you that can hack and he or she will easily pick up your info
Also in the early 2010s merchants were required to upgrade their card readers to allow the use of chip cards, so when they were upgrading them they also upgraded to contactless cards.
In early 2010s?? where do you live? Chip cards are the standard standard since the 90s
@@moclan582 I think in the US they’ve been mandatory only since 2015 lol
One thing that initially jump-started Apple Pay back in 2014 was the *MASSIVE* data breach at Target in 2013. That not only forced retailer to accelerate the change to credit cards with chip readers, but also start implementing Apple Pay and what became Google Pay as more secure means of transactions.
I remember that I didn’t use it until 2020. It seemed so useless. Then I discovered it and I have barely used my debit card. Most times I walk without one
u will love apple glasses
@Christopher Jacobs as the name suggests, it is exclusive to Apple phones. However you can add google pay or even Samsung pay to your phone if it is android
in the uk, practically the whole country uses apple pay- including the tube where cards have also become obsolete. even covid passes are on apple pay so i haven’t carried physical cards in 3+ years
The whole country? No one has any other brand of smartphone? No Google pay? No Samsung Pay?
@@jacobortega2786 Everywhere that accepts credit card and debit cards in the UK will have the function to accept contactless payments whether if its a smart phone or a traditional plastic card.
I will say I have seen more people use am iPhone to make a payment than Android.
@@MATTY110981 yeah I figured he meant contactless pay but specifically said apple. I had to call b.s. on it.
I hope you at least carry cash on you. Not all places accept Apple Pay or card for that matter.
Terrible journalism... No comparison with competition... Activation does not equate to usage in stores... No mention of fees, downsides or how credit cards use more secure tech and also enable touch and go payment today
yes, fees.
I’ve been using Apple Pay since launch and I think its fantastic. What I find irritating though is that many retailers I’ve used Apple Pay at still require a PIN number for debit purchases. Like why? I’ve literally authenticated myself with Face ID and Touch ID, there is no reason you need my security pin.
It's usually older software in their POS terminals that doesn't recognise this type of device authenticated transaction... don't blame the merchant, it's their acquirer (POS terminal provider) who is behind... Most absurd was for me Spain - Apple Pay with signature... That's the one what made me LOL...
@@masterphoenixpraha I don’t know if it’s old software. I’ve noticed that some retailers added a pin requirement within the last few years when they didn’t have one before.
No issue in the uk, you can buy a car with Apple Pay with no pin
If the purchase is above a certain amount, set every time by the publisher bank. Then the POS terminal requires the PIN.
Run it as credit. Better protection anyways. I just hit cancel and it goes to CC mode
Here in NZ 50% of retailers don’t even have contactless credit card machines like pay-wave which support Apple Pay. They don’t like the high fees that come with these.
The fees are tough for small businesses. My local corner store adopted contactless machines about a year ago, they didn't plan to but were losing business without it.
It’s a double edged sword though, because you miss out on sales by not having a contactless ATM. If I can’t use my phone to pay I make a mental note to avoid that store since I often don’t bring my wallet
I’m in NZ and pay for everything exclusively with Apple Pay (except for one chiropractor).
Its ironic considering in the 90/00s NZ eftpos was far ahead of many countries like Aus being able to buy 20c worth of candy with no fees.
Europe been ahead of everyone over 10 years ago I used tap to pay
Left my wallet the other day, and I was running late. It was a no-brainer. Just went on my way.
Had it been five years ago, I would have immediately made a U-turn.
And Apple Pay isn’t available in my country yet. But the technology is already there and quite mature. We have a lot of alternatives.
I think you are giving Apple too much credit. It is the rise of fintech that is doing the trick
Seriously seriously how many places we go that don’t take any digital payment
Too many American Apple users for them to bother using anything more generic
A lot of stores already had the contactless feature in their card readers, it’s just that people weren’t aware that their cards have contactless feature. Then Apple came along and took advantage of that. Even Google Wallet in 2011 took advantage of already existing tap & pay feature on card readers.
I remember being at a Keyfoods and this older man was having a bit of technical difficulty with paying with his card. I took a glance at his card, and I saw the contactless symbol on it. He could’ve easily just tapped his card and be done with it.
In China, Alipay and WeChat Pay killed the cash in just 3 years (2014-2017).
@@michaelxz1305 💀😂
@@PhilMinecraft not a joke 🤣
in India we have UPI, everybody including beggars have it now
i haven't used cash in China for ages and didn't realised they changed the color of the Chinese RMB notes a little bit until recently.
In China, the CCP killed cash! Alipay, and WeChat are just pawns -when they don't do as the CCP directs, the CCP will kill them too!
Cool, the government knows about everything you buy. That sounds like a great idea!
Apple Pay is so convenient, secure, and easy to use. I used it while at the Korean and Japanese airports, no need for physical credit cards.
I heard there's a fee when using Apple Pay internationally.
@@waleed8530 Nope. Used Apple Pay at Incheon (Korea) and Narita (Japan) Airports and no fee.
@@BK-qi9ky Incheon airport.
Hey, I have questions, is it Apple Pay acceptable in Japan? Not only at the airport?
@@awwwtomotive Apple Pay is supported in supermarkets and malls throughout Japan. However, small businesses usually wants cash.
For now, I need both Apple Pay and the physical credit card.
Exactly, I don’t think physical wallet can go obsolete. Cause what happens when your phone out of battery or there is no signal.
It’s great to have the two.
@@ukpauchechi5699 This is definitely a fair concern but I think its much less common for people to actually run out of battery these days. As phones have got better battery life has improved and the vast majority of people start off with 100% and it lasts throughout the whole day easily. Even if you were running low charging stations are getting more and more common in public places so I dont know how much of a concern this still is.
Apple Pay/Samsung pay etc is also very common in HK, but we still need cash for some small business, which is totally understandable since cost of doing business here is originally high.
I loved using Samsung Pay but retailers started to make their own contactless payment (Walmart Pay) then EMV chips came. Got my 1st iPhone/Watch three months ago & still haven’t used Pay
patience is totally undervalued, Ben was spot on 👌
Not quite. I still carry my cash/credit card because some retailers don't take Apple Pay.
@@michaelxz1305 I live in the US and I don’t carry cash and I’m able to scan my phone on buses and trains as well. How is this unique to China?
China has been switching to digital payments 18 years ago. Its super convenient, I hope the rest of the world can also benefit from these technologies
I haven’t used it once to pay on a U.S. store. I only used it in Japan, I had the transport pass for the train and bus on wallet and I would use it just for this.
Here in South Africa stores dont get to accept or reject Apple Pay. It just uses regular tap technology which is already in every bank card, and I haven’t been in a place without tap for the last 3 years.
I remember the times when merchants would tell me that they didn't accept Apple Pay and I'd put my Samsung S8 to the terminal and still pay. The S8-S20 worked on just about every terminal, new and old. Too bad they got rid of MST
Almost makes me want to buy a refurbished Note 20 Ultra just for MST support (I carry multiple phones with me).
@@PSYCHOV3N0M me too.... I'm carrying a S22 Ultra and Fold 3
I didn't know they got rid of MST. I use Samsung Pay *everywhere*, even places where they think mobile payments aren't accepted.
This makes me want to hold on to my Note 10+ a bit longer and not drool over the newer phones.
@@_NoHandle_ they pretty much have NFC everywhere now so you're good
I’m finding it rare to find anyone with a bifold wallet anymore. Most people I see have either digital wallet, Apple Pay for example, or have a pair of metal plates which hold your physical cards.
No more cash and no more leather wallets.
American retail stores Mostly use Swipe cards in the past . chip based Credit Cards and Paywave wasn't widely available in most stores 8 years ago.
I mean, changing a way people do things doesn’t happen over night. This is not just adopting a new device or service, it’s changing our patterns of paying, carrying cards, etc. Obviously it is not just the pandemic, since it doubled by like 2018; but it definitely helped. And the Apple Card perhaps too.
Can't believe it took so long. I remember using it the first day it was available. I went out and bought something just to use it haha
Same. Went to Whole Foods lol
There is literally no way contactless is available at 90% of retailers. Loads of shops in the US may have it enabled but the terminal is out of reach to the customer ( _cough_ sit-down restaurants)
And there are still major retailers that still have it disabled. Home Depot, Lowe's, Hobby Lobby, HEB, Guitar Center, Harris Teeter, and of course, Walmart. (USPS is rolling it out now btw)
I feel that although this retailers you listed not accepting it is accurate, 90% seems correct at least here in the S.F. Bay Area. I use my Android for contactless payments everywhere I go, including all sit down restaurants. Although that requires you to follow the server to the POS.
90% of retailers have the ability to offer contactless payment doesn’t mean they accept it.
@@arias415 In Canada, they bring the wireless debit/credit machine to your table at 95% of sitdown restaurants, the other 5% have to go to a wired unit. At Home Depot Canada, I can pay with Samsung Pay, so it is likely that is an Apple Pay thing. The complete ignoring of Google Pay/Apple Pay in the video was a bit annoying, even though obviously Apple Pay had a huge hand in the momentum of it all.
@@LongDono Samsung pay has the magnetic capability of cards. It doesn’t require NFC like Apple Pay and Google Pay.
@@christophercrawford2736 They got rid of that in the new phones.
I think Apple Pay used to be such an underrated feature! here in Singapore, contactless payments were quite common pre-pandemic, but the pandemic pushed its importance even more, and I think most people saw the true value of its convenience.
I’ve been using Apple Pay since 2017 and as a teenager back then, it was super helpful when my parents asked me to buy food or something from the supermarket and not have to ask for money to get it. I just used their card I saved on Apple Pay on my phone, when I get the message to buy something, just tap my phone and I was done! it’s such a nice feature to have!
fast forward to 2023 now, I can afford to leave the house with just my phone, I just have my MagSafe wallet for transit and a school card, my cards on Apple Pay and I’m so glad a lot of places accept it now!
We’ve been hounding my bank to adopt Apple pay. I understand why they don’t want to do it with the extra fees, but its just so easy and quick at the checkout.
Actually just contacted my bank and the replied saying ’Apple Pay is coming’, so that’s sorted.
Did they even talk about Google pay which was adopted earlier?
Switch. They don't listen. SunTrust didn't support Google Pay since it first launched in 2011. I switched in 2018 and told them in the exit survey it was because they refused to support my preferred way of paying. They now support it though, after they rebranded to Truist.
@@alexismiller288 Great reply. 😎👍
Wow letting govt spy on you through apps communist
What should have been mentioned is at the time when Apple first launch it, a group of major retailers including Walgreen, Walmart, and Home Depot formed an alliance with their own form of cardless payment system in order so they will continue to harvest customers' purchase history. I cannot remember what that was called, but a lot of tech critics thought they will win and mocked Apple Pay's initial slow adoption. Some even called it Apple Pay killer. To this day Walmart, Home Depot, and Lowes still will not accept Apple Pay as they want to continue to harvest customers' purchase data. Of course their version of contactless alternative was long dead and buried.
As one of the earliest adapter I pointed out to countless small retailers their POS machines could process Apple Pay, and showed them how. Many were very surprised and delighted at the same time.
I should point out when I visited PRC circa 5 years ago, every merchants including wet market vendors took contactless payments. Alipay was ubiquitous. Everyone use the QR code displayed by the vendor to make payment with their smartphones.
The name of the payment system was to be called CurrentC. There was a data breach while they were still beta-testing it. I watched a UA-cam video about why Walmart won't take Apple Pay. They actually disabled the NFC readers on their terminals, so they won't accept any mobile payments. The company wants you to download their app and use their proprietary "Walmart Pay" system.
Whenever I shop at Walmart, which is rare, I pay cash.
I've seen contactless payment thing on gas pumps but I've never got it to work. They recently put a sticker that says pay with apple pay and Google/Samsung pay. Still does not work.
It's not just Apple. Google/Samsung pay is used hugely in the UK, particularly Samsung which could be used on older non-NFC chip card readers.
I know Apple = views. But the credit needs to be shared
I thought S10 was oldest Samsung that can be used on non-NFC. LG also made phones for non-NFC
True. I was using my Galaxy S1 to pay for taxi cabs in NYC back in 2011. It was just called Google Wallet back then.
Apple started the concept of Apple
Pay. Google Wallet existed before Apple Pay but it was different and can’t really be compared to Apple Pay (which Google themselves recognized which is why they launched Google Pay soon after Apple Pay launched, and Samsung later launched Samsung Pay, where both platforms basically copied the Apple Pay implementation of payments down to the last detail). Apple has been the main champion in terms of designing modern contactless phone payments via NFC, directly working with banks and merchants to refine the technology, using virtual rotating card numbers and all sorts of backend privacy features. The other platforms don’t really get much credit in that regard, they basically just let Apple do all the work with the financial industry and then ripped off the Apple Pay implementation lmao. CNBC probably didn’t have the time to explain those details, but they recognize that Apple Pay has had an outsized influence in how mobile contactless payments have grown. Even if Google Pay and Samsung Pay are widely used, it doesn’t mean those two platforms contributed much to the aggressive expansion of contactless payments simply because they haven’t invested millions in the development of the platform the way Apple has invested and worked with merchants, banks, and the credit card companies directly.
@@dolurosu I’m in italy many bank supports Apple Pay but Samsung and google only few bank support
@@dolurosu A lot of international banks support Apple Pay more than Google Pay for some reason. Not just in America. Also, Samsung Pay sucks. Tried it and it was terrible. People should stick to Google Pay (on Android) and Apple Pay (on iOS).
I feel like Samsung pay when it was working with MST was the best version because even Walmart it worked at and Walmart blocks most contactless payments because they want you to use their app but Samsung pay mimics magnetic strips with MST but they got rid of it. So now Google wallet is the best version for Android. I wish the MST technology would have been integrated to more devices. That is the best way of doing it because not everyone could afford to pay for a new terminal cash register. They are small businesses or have to use what's left over or in the case of Walmart wants to force you to use their app with a barcode scanner
I still can't believe Samsung got rid of that feature.
@@Naviss I wonder if any bank or financial services for Walmart for example told them to stop it and maybe that's why ?
that was a cool feature but I feel like the majority of the public that is not tech savvy and are not tech nerds like you and me didnt appreciate it because they simply didnt realize it was fundamentally different from Apple's NFC based approach. Another thing, I bet since most POS systems with mag readers were on their way out in favor of the improved chip technology, Samsung must have felt that the investment in MST was not worth the low usage. As more and more POS lost the mag reader completely MST would get used less and less so that may be another reason they axed it. Ask yourself when is the last time you swiped your card? Even at stores that still have a mag reader the POS also has the chip function and im told to use the chip over the swipe. So its either chip or Apple Pay for me. Mag Reader is obsolete tech. Samsung mustve realized that.
It still works in Korea. There could be a security issue or a patent issue in USA
@@garcondananas like I said I wonder if a USA financial or brand asked Samsung to not include it. It's like how Korea has analog tv still at least they kept it longer than most regens.
I love using Apple Pay. So much more secure than using contactless cards. I always specifically request non-contactless debit and credit cards from my bank (UK) that require you to put in the pin. I love the fact that Apple Pay requires authentification and at the same time it is contactless. Just the best. I remember using it in a supermarket a few years back and an elderly lady looked me wide-eyed and said ‘how did you do that?!?’ And that was even before Apple Watch. Now I don’t even need my phone with me when I pop out for something, just a shopping bag and my watch.
Wow letting govt spy on you through apps communist
depends? The issue is that many stores still don't offer any way to pay using Apple Pay. In NYC its definitely the only way to go for me to pay for the train as well as any store online that allows me to use it.
if it takes contactless credit cards then it will work with Apple Pay automatically. Nowadays almost all credit / debit cards come with contactless function.
In South Africa we recently got apple pay in 2020/2021 but we had Samsung Pay with the launch of the S8 in 2017. Google wallet was available last month. All three are widely accepted everywhere.
“It seems like everyone is using Apple Pay”
Oh good grief. Is this WSJ digital reporting now? Reporter means something like everyone in NYC, Manhattan and hipster Burroughs are AP, maybe friends in SF and LA too, and in that bubble that’s “everyone”.
yea because no one cares about stupid republican cities that are poor and live in flyover states
bro it’s literally in rural places too. if you haven’t noticed it, you’re living under a rock
I don't live in any of those cities and I use apple pay. 🤡
Not to mention Android far outnumbers iPhone users.
These millions of people not using that simply because they have an Android and not a Samsung Android because then you can use Samsung pay... I never caught on to it I use my traditional cards with the chip in it
Here in India, UPI has killed the physical wallet, and any domestic money transfer mechanism for that matter, in just 1 year.
Currently, almost 95% of even roadside fruit sellers accept UPI.
Jack Ma had started a join venture in India then Indian government kicked Chinese out......Is it a good business practice ? Be very careful invest in India. Nokia,Vodafone were good examples
@@jimmylam9846 it is called countering predatory moves from abroad. It is no surprise to anyone living on the face of this globe that China is a predatory nation.
As far as vodafone is concerned, it just couldn't handle the competition. They enjoyed a monopolistic cartel, and were charging exorbitantly to an average Indian, and then comes out a way cheaper option which forced them to regulate pricing. It's called business and it is not new to India. Grow up.
@@jimmylam9846 nobody is interested in that joint venture anymore. And that joint venture wouldn't have grown that much in the first place if government of India didn't introduce UPI.
UPI is fine for a third world country like India. USA needs something more elegant via NFC. QR codes have a poor user experience.
@@alexismiller288 that's where you're wrong kiddo
Same function, but everyone uses samsung pay in Korea
Is Apple Pay different than regular contactless payments?
As someone who until very recently worked regularly in the retail industry i can tell you this is very much bs. Has it made an impact? Yes. Has killed the physical wallet amd credit cards? Not even close
So your insignificant sample size and limited perspective is the gold standard for market adoption metrics. Good to know 😐
No, I work retail too and maybe 5% of customers use apple pay. People don’t even know where to tap their card if it has nfc. Until most of gen z are adults, i don’t think we’ll see the wallet die anytime soon
@@VoteForBukele i can also confirm what OP says is true lmao. i've actually seen more people pay with physical cash than apple pay where i am
I just started using Apple Pay, it was officially launched in Malaysia few weeks ago. Very simple and easy to use, transactions approved within 2 seconds, much faster than eWallets which is depending on the speed of the cellular network. But I understand some retailers don’t like Apple Pay too.
Apple pay is also dependent on the speed of your network right?
@@eboyblackout not true, Apple Pay use NFC not Cellular or WIFI
@@eboyblackout Apple pay doesn't require cellular network to connect the bank and approve the transaction. It only uses NFC.
@@eboyblackout I think the card’s info is stored locally on the phone
@@eboyblackout actually he meant the cellular network on the phone, we had to wait for the qr code to load. If there’s weak signal, we couldnt pay with ewallet.
great video
Great podcast!
Most stores (including supermarkets) in my state have Apple Pay but they refuse to let me use it as they don’t want the bank to charge them card money…
But they accept prepaid payment methods frustrate me as they probably charge more than banks on Apple Pay…
I was like: why???
Most stores that accept Apple Pay are stores that accept card payments regardless of checkout balances like record stores or IKEA.
I remember when CVS pulled that crap right when Apple Pay first came out. It worked at first, but after few days they actively blocked it until several years ago.
The biggest taxi operator in my country (ComfortDelgro in Singapore) also had a long-running dispute with MasterCard & VISA as it would charge passengers extra if they paid by credit card due to the commission incurred, which was supposedly illegal. Some taxi drivers have also reportedly lied that their on-board credit/debit card terminals are broken down as they prefer cash payment instead, since payments made cashlessly will be credited to them only on the following day, disrupting their cash flow
One of the reasons I like Android is that the NFC is not locked, so I can pay with the Barclays app. I don't use Google Pay, and despite also having a iPhone, I won't use Apple Pay either. I have a financial relationship with my bank, I don't find the need to involve a third party.
The only thing is it gets very annoying having to manually open the Barclays app, log in, then tap, Vs just double pressing the power button. Or did they resolve that?
Unlike android all the information relating to Apple Pay and your card stays on your phone and is not linked to your google account or any other when you use it.
@@rewindom it is linked to your Apple id account lol
@@AR-rg2en does it matter ?
@@Leo-sl9vr well Android is for Google, and IOS is for Apple, so any difference.
Activation rate is not the same as usage rate.
Contactless phone payments still have a long way to go in countries like France, people still very much so use physical credit cards (or cash seeing as most stores still have fixed minimums for CC payments....)
I went to Chic-Fil-A recently at a normally busy time and noticed the line was speeding thru quickly. Turns out their machines were down and they could only take cash. I was the only one in a line of 15 cars that had cash. Craziness. Always carry an emergency 20 on you at all times.
this happened to me once in a jack in the box. They could only do cash so I immediately left and went to popeyes. I agree some emergency cash is necessary, but as a business being able to take credit cards should be like a number one priority nowadays. These businesses literally missed out on so many orders because they just couldn't receive the payment
Because chick fil a is an emergency
@@alexc8512 You're goddamn right
Nobody really uses cash anymore. I rather just go somewhere else then to carry cash
I only have cash when i buy weed haha
To those who keep saying that it’s absurd for Samsung to remove the MST reader on their recent phones, do know that:
1. When Apple introduced Pay, Samsung also introduced Samsung Pay to combat Pay. However, what Apple didn’t really foresee is that most merchants still uses MST card reader;
2. Hence, Samsung took advantage of this and include both NFC and MST reader on their devices. This allows Samsung Pay to be more prevalent compared to Pay in its’ early inception since merchants that still uses MST card reader is still a majority;
3. However as of 2021, most merchants were already starting to adopt the NFC card reader which tends to be more intuitive, faster, compact, and mobile compared to MST card readers;
4. Therefore, Samsung (and Apply probably) saw that this marks the increase in demand of latest contactless transactions via mobile devices technology and decided to remove MST reader in their device;
5. Part of this also has to do with Samsung realising that their older devices support Android for 2-3 years max and decides eventually their users will upgrade to a newer Galaxy device, and judging from merchants using NFC is increasing and MST dwindling, it is just wise to not include the reader and retrofit the space previously for the MST with something else, who knows. 🤷🏻
Also, the "NFC-magstripe" feature is being marked as obsolete by card schemes - Visa and Mastercard - and coming to its end... That's why Samsung is ditching it too...
How did you get the Apple emoji?
hello from Denmark, we use Mpbilpay, I have the applepay wallet on my phone but can'i use it here.
A lot of places back then didn't have a way to pay with your phone. The only reason I was using my phone to pay was because I had Samsung which used MST and even then places like Walmart refuse to acknowledge my payment method. I had to try sometimes up to four or five or six times
So many stores still do not accept mobile payments (large retailers like Kroger and Walmart). I use google pay once and a while, but the majority of my transactions are done with the chip on my card. Still a ways to go in my opinion.
Using Google pay adds an extra layer of security, so I try to use it as much as possible.
I shop at Kroger several times a week and I pay with mobile payments every time. I've been using Samsung Pay since 2015 and it has always worked at Kroger. It used to work at Walmart too, but a couple of years back, Walmart blocked all contactless payments except for Walmart Pay.
@@_NoHandle_ Kroger in my area (known as Fred Meyer) only accepts Kroger pay, a QR code based proprietary payment app, not nfc payments.
I don't consider these proprietary apps to be mobile payments.
@@zach1571 Kroger is annoying because the Kroger pay QR code won't populate on the app like 10-20% of the time for me at multiple stores. I still have to be sure to carry a physical card with me which is frustrating.
For context I had my physical wallet stolen in the past from a GYM locker. Thieves left everything non-cash my phone, license etc. Took the cash and my cards drove straight to Target to buy thousands in gift cards. Since then I have tried to eliminate carrying a plastic and really a wallet for everyday use.
strange, ive never used apple pay
you should, it's quite convenient. I don't even take my wallet with me when I go out now.
@@Chessmapling correct life is much easy with Apple Pay
@@Chessmapling not everyone lives in the US
@@svn9482 ASSIMILATE! ONE OF US. THINK DIFFERENT LIKE EVERYONE ELSE!
I never leave home without my wallet. Phone i rather not take it so I dont get calls lol.
Well over a year after the feature was announced, users can still only add drivers licenses from 2 states
Now it's 3!
The digitization of everything...how do consumers really not anticipate these trends ?
i remember a friend of mine coming from US to CZ back than being surprised - oh, there is no Apple Pay in Europe yet, but still I can pay with my iPhone in almost every store here... and again we see how smart Apple was - now Google and Samsung renaming their "Pay" apps to "Wallet" and trying to catch up with Apple...
How is renaming an app catching up? All three supports NFC payments for a long time. Samsung Pay even supported MST on older devices that makes its acceptance wider than Apple Pay.
I don’t think so.
For my fellow Americans research about UPI in India, it is so ahead of its time and people of India adopted it so fast, apple is not even trying to bring apple pay in India even now.
Contactless payment is still fragmented in the US. Especially when big retailers such as Home Depot doesn’t allow it and Walmart is pushing their on contactless with walmart pay.
I'm a little confused. This whole video fails to mention Google Pay came out three years earlier than Apple Pay and continues to thrive on Android.
Like always, no one likes the android equivalent.
Google wallet was available years before Apple Pay was even announced but when apple implemented it did it way better. Samsung pay was the best one available but starting with the s21 they ruined the ability to mimic a card’s magnetic strip to pay
@@rewindom exactly
i feel this is badly researched. The main technology for paying with phone is EMV which uses NFC chips, you can use your credit card or smart watch or phone or whatever. Apple Pay is just one implementation of this and not the first or only one, and this has been used long before the pandemic.
Them being first or the only one wasn’t the point. You should watch the video next time.
@@cwg73160 wow why so defensive
@@bullpup1337 Defensive of what? You said stupid things and I’m calling you stupid.
Its been 10 years and yet it’s not available in my country
i feel useless in my county because when using card payment they said "machine broken or server down". also using emoney NOT EVERY SHOP/MINIMARKET accept payment NFC still old way dip&pin......
I think Ben highly underestimated the fact that Apple blocked developer access to use NFC meaning Apple had literally zero competition. It was not brave, they knew it would be successful and they blocked out. All they had to do was wait.
Google Wallet and Samsung pay were already doing NFC payments in Asia and Europe. You were only locked out if you had an iPhone.
@@BurritoKingdom don't forget India is global leader in fintech. Google wallet biggest market right now is India
@@davidbilla8063 its Google pay in india
Google Wallet existed since 2011. I never got the fanfare about Apple Pay, which was late to the game. The NYC subway was already trialing contactless payments in 2010.
No one is killing the physical wallet. I see people pay with cash and physical cards all the time. I myself rarely use my phone to pay.
So Android fan trying to deny the undeniable about this…
I use Google Wallet (former Pay) in Sweden and it's a real hassle that some banks (including my own) has not jumped on board yet. Heck, even AMEX isn't supported by Google Wallet here yet even though Apple Pay has had it for years. There are workarounds with third party banks (Klarna for instance) but it's actually less than ideal...
I myself only use my phone to pay. I don’t carry my wallet with me.
I used google wallet from the beginning, but i still was excited for apple to finally adopt mobile payments since i knew that would significantly spur all the vendors out there to accept mobile payments. Because like it or not Apple and its customer bass has a huge influence on society
@@iamantoniohz what undeniable?
I had my cards that were contactless before I started using my phone payment system. Not until 2018 did I put it on my phone. The only thing is, I still need my wallet because if I dine in, I need to give my card for them to tap at their POS system.
I feel like it's important to acknowledge that the nearest competition to Apple Pay in the United States, that really tried was Samsung Pay.
Samsung Galaxy phones used to have an MST tech, that used wireless signals to mimic the magnetic strips in your credit card.
It means the contactless payment will work even on old credit card terminals that doesn't support NFC.
Merchants will even be amazed you can show them that you can pay wirelessly, without them knowing or support it.
But for some reasons, I think around 2020, Samsung strangely removed that tech on their newest Galaxy phones and smartwatches, spiraling Samsung Pay to dwindle and rot in market share. And Apple Pay to finally succeed. I think it's component cost cutting is what made Samsung kill and not include the tech on their newest devices.
Based on my experience using Samsung Pay before the wide adoption of NFC, I think another reason Samsung eventually dropped MST is that it relies on the old credit card readers. There are many ways and setting a store could set of their Point Of Sales systems (AKA cash registers) with their credit card readers, and a few setups actually worked against MST. In other words, there are a few stores or even specific check-out stations where Samsung Pay could not work. Mean while, since NFC requires a dedicated NFC device to do NFC transactions, it could technically work nearly 100% of the time.
@@PeteOhki *Majority of the country does not use IPhone 60%, so why only "Apple Pay" not Samsung Pay or Andriod Pay?*
*How much money did Apple provide for WSJ to produce this piece?*
@@robertgittings8662 I do not know why people tend to recognize Apple Pay more than any other. I can only say what I've noticed, which is that Apple has a few things in it's advantage. It has a large presence or reputation being one with the first graphical computer interface, and the one to introduce that GUI and touch screen in a cell phone, just to name a couple. I don't remember where I read this, but supposedly Apple has admitted to trying to build a culture around its brand. So those customers who have the money to spend the high price for Apple products, not only bought into the hype, but tend to be quite vocal/enthusiastic about the brand. And there is also the luck of timing; Samsung pay was established before the security of magnetic strip credit cards became an issue. Since Apple was still trying to establish its Apple Pay and NFC at the time, they could have promoted their product as new and more secure to banks and merchants. I wouldn't be surprise if there are a few other favorable odds for Apple, but I never bothered to keep track of any of them to say definitely what.
As to why WSJ only focused on Apple Pay, who knows. It could be Apple had sponsored the article, or WSJ only talked to banks and merchants and they only mentioned Apple Pay (remember, Samsung Pay did not initially need any special reader, only EMV for chips, and NFC for most other wireless payments via phone).
What the majority of the country, or any country uses is not the point. The point is what percentage of people _with an iPhone_ choose to use the system Apple created for their payments; a high adoption rate is a success story, and one that Android etc aren’t necessarily able to tell (yet). Apple Pay doesn’t need ‘promotion’ or other such things because it doesn’t really generate money for Apple itself, but instead provides a(nother) reason for people to stay within the Apple ecosystem… which of course allows them to generate revenue from those users via services etc.
@StaminaMC That's BS lol NFC component is locked to Apple Pay only. There is ZERO competition of comtactless payment if you use an iPhone. Apple locked down the NFC chip to only be compatible with Apple Pay. If you use iPhone it's Apple Pay or nothing else.
Apples patience paid off, literally: 1 1/2% for credit card transactions & 1/2 cent for a debit card transaction (all part of the interchange fee).
I keep you informed, on the preview photo of Sberbank cards
Zoe thomas you do great accurate research. Good job 🙂
india already use digital payment system which is free and accessible across all platfroms currently in the market
so?
1. Samsung and Google had pay by phone before apple. They were the pioneers of this.
2. Merchants getting the nfc receiver was always the issue. It’s cool thought but it’s another cost and it took the majority of stores to get that feature.
3. I’m curious how this feature benefits apple, does it pay a small fee?
4. It’ll be true wallet conversion once all states get digital drivers license.
Okay I see Google releases first, then Apple and finally Samsung. But I remember Samsung pushing there’s hard initially.
Banks have agreed to pay Apple 0.15% of each purchase made by their credit cardholders.
Mastercard also had tap to pay before that. It seam that the Apple halo effect also applies to WSJ reporting. They didn't give any statistics, data or anything to back up their claim.
PSA that the US makes up 4% of the world population, while India and China are 17% of the world population each. India's UPI and China's WeChat pay are bigger than Americans can even perceive, and are inclusive of different platforms, not discriminatory against non-apple customers.
It comes in handy so much now I just need my phone and not all my cards
I think the adoption of technology by people will always take time since not all age/social groups can accept and use new technology at the same pace. I have been using this technology for quite a long time but being able to pay with the apple watch was the most practical thing that could ever exist, especially during the pandemic time.