Technology has accelerated to new heights in the last few decades, and many daily tasks have been modernized. On the cutting edge of innovation, Apple has made strides to add convenience, portability, and security into its products and software.
One of the tech giant’s contributions addresses the future of payments and offers a streamlined method to replace the outdated physical cash or plastic debit cards of the past.
Apple Pay allows users to pay for goods using an iPhone or Apple Watch device. The Apple Pay application enables users to add their credit or debit card information to their device and swipe that at the store checkout counter or seamlessly add payment details at participating online retailers.
Apple insists that this new digital payment application is the future, but what are some of the advantages and disadvantages of Apple Pay?
In the article below we’ll discuss the main pros and cons of Apple Pay so you will have a clear opinion about this payment service.
Main Pros of Apple Pay
1) More Secure Than Using a Physical Card
One of the benefits of Apple Pay is the extra layer of security that helps prevent theft or data exposure.
According to the tech giant, their application incorporates a number tied directly to the device.
This specific number and a generated transaction code are what’s transmitted, not the actual credit card number during a purchase.
Therefore, personal card numbers aren’t stored on the smartphone or Apple’s servers protecting them from a data breach.
The transaction information isn’t stored by Apple and isn’t available to the retail store, so essentially there’s no way to trace the purchase back to a specific individual.
2) Accepted in a Large Number of Stores in the US
This technology would be useless without a significant percentage of retailers participating in Apple Pay.
Fortunately, more than 85% of merchants can accept Apple Pay, and the odds of encountering a store that doesn’t is relatively low.
In fact, anywhere that can accommodate contactless payments, such as Subway Stations, vending machines, taxis, and Uber car services, will take Apple Pay.
This application even makes online payments more manageable by allowing users to skip checkout forms.
When purchasing online, merchants typically require information such as name, address, phone number, and credit card number.
Instead of inputting all that data manually, Apple Pay works with one touch of a finger to complete the transaction.
The application also makes it simple to subscribe to Apple services like Apple Music and Apple TV+. Lastly, purchasing games from the App Store is as simple as one tap on the iPhone screen.
3) No Need to Carry Your Physical Credit/Debit Cards With You
One of the issues with traditional payment forms is that they must be carried around in a wallet.
While some people may have highly organized wallets and purses, others might struggle to locate their all-important credit or debit card.
There is also the opportunity to lose these tiny cards that hold a significant portion of someone’s money.
Once lost, it’s easy for thieves to go on a credit card spending spree before being caught.
Lastly, many people have more than one credit card or debit card, and it becomes inconvenient to stuff all these cards into a wallet and then have to fish them out quickly at the checkout. With Apple Pay, everything is on the application all in one place.
4) No Need to Remember a Card Pin Number
One aspect of modern life that previous generations were spared from is passwords and pin numbers.
To protect one’s identity and personal information from digital theft, everything requires a password, including debit cards.
In the case of debit cards, the bank requires a pin code that must be correctly input to purchase goods or services.
Instead of trying to remember yet another numerical code, Apple Pay instead uses facial recognition and fingerprint identification.
These fast but highly accurate ID methods offer a secure but automated way to buy products that make everyday activities easier.
5) Keeps Track of All Your Transactions History in Wallet App
While there are plenty of different ways to keep a list of transactions, the most basic being a ledger sheet, Apple has a better idea.
Why not conveniently keep a log of transactions in the App for easy review? People need to keep track of how much money they have available, and Apple Pay provides an easy-to-access history log of all purchases keeping things neat and organized.
6) Get Cashback on Purchases with Apple Card
Lastly, one of the advantages of using Apple Pay involves special savings when using the Apple Card.
Apple’s credit card touts many benefits, including cash back when using both Apple Pay and Apple Card.
Customers can get 2% daily cash back when using an iPhone or Apple Watch to purchase goods with their Apple credit card. This cashback sounds minimal initially, but over time can add to significant savings.
Main Cons of Apple Pay
1) Not Secure Under Certain Conditions
While Apple Pay is strong in terms of security, there are some situations where Apple Pay should be avoided due to vulnerability.
For example, some users jailbreak their iPhones, which is a term to describe specific exploits that allow people more freedom to customize the operating system and add unofficial software that’s typically unavailable on standard models.
However, these exploits also compromise the security of the iPhone, and when using Apple Pay on a jailbroken device could lead to digital theft.
Customers should also be wary of public Wi-Fi connections as these are not secure and could present a target for hackers.
Since iPhones automatically search for a connection, users may not know they have been connected to a vulnerable public wifi network, so make sure to always connect to a trusted hotspot in public places.
2) You Are Locked on the Apple Ecosystem
One of the issues many people have expressed with Apple is the restrictive nature of their applications and devices.
With Apple, a user is locked into the tech giant’s ecosystem and can only use other Apple devices.
None of these Apple products will work with different device manufacturers; it limits customer choice and can result in higher costs.
It’s no secret that Apple charges a premium for its products, so it’s even more frustrating when customers are forced to purchase these devices at higher prices so that they can integrate them with other Apple products.
3) Not Accepted by All Merchants Like Credit Cards
Another potential issue with Apple Pay is that not all merchants are equipped to handle this form of payment.
Merchants need to offer many types of payments to accommodate most of their customers. Unfortunately, a store unfamiliar with Apple Pay may require extra time to verify transactions, and this completely nullifies the advantage of quicker checkout.
4) Can’t Pay if Your Phone Dies
Lastly, while physical credit or debit cards may not be as modern as a digital contactless payment method, they don’t require battery power to be used.
If an iPhone user neglected to charge their phone and reached the grocery store but realized their smartphone turned off due to low battery, they wouldn’t be able to purchase anything. The entire payment method rests on the iPhone being charged and working correctly.
Is Using Apple Pay Free?
Yes, Apple Pay is free to use, and there are no associated fees or charges.
Can I Use Apple Pay Without a Card?
You must input credit, debit, or Apple Cash card information to use Apple Pay.
Is It Safer to Pay With Apple Pay?
In most situations, the application provides robust security to protect identity and transaction details.
However, a user can become vulnerable if using an untrusted public Wi-Fi hotspot or a jailbroken iPhone, which creates security exploits for digital thieves.