Since its birth in 2014, Apple Pay has been making major movements in the payment industry. Many have followed suit but none to the extent that Apple has. The security that is incorporated into Apple Pay shows how far technology has advanced, to the point where the pay limit has been barred. The usual £30 contactless limit does not apply to Apple due to the complexity of the Apple Pay system. In fact during October this year (coincidentally the 2nd anniversary of Apple Pay) an anonymous buyer used Apple Pay to buy a vintage Aston Martin. The price? A mere £825,000, done simply through the app on which the car was being sold. This is how far modern civilisation has gone to, only 10 years ago we would have to use cash to pay for a car of such price. Soon enough we could use Apple Pay to put a deposit down for a house, gone is the gimmicky appeal of Apple Pay, seriousness of the threat it poses to cash has arrived.
The adoption numbers are also positive. The magnitude at which they are pacing is just water in a pond, they show amazing growth since the release of Apple Pay. The number of retailers that have adopted Apple Pay has risen seven fold since the release. When Apple Pay released in China, within three days, 1 million people had registered to the system. Sheep? You might say so, but the system brings undeniable ease of use to the lazy nature of many humans, and a sense of satisfaction in paying with your phone, the cool factor is very high. For an old person, it will eliminate any trouble they have making payments of cash, which can be time consuming for them. The motives have been questioned by conspiracists, but in my opinion it is just another advance of technology, first cash then cards then contactless and now payments with phones. A lot of people have phones, it was just convienent to be able to pay with your phone since you have it at with you at most times. However statistics show that the age range of people using Apple Pay hovers at 25-34 but in the future I expect the dominant age range to lower, with teenagers becoming besotted by technology.
Conclusively I believe Apple Pay its the way forward, but I do hope that cash payment stays since every has cash on them, and to go paper less does not seem to be the ideal way forward. It is a step back, even though money has been symbolised through cash and has existed for since civilization can go back. Apple Pay is the best payment system at the moment, well ahead of Android Pay in terms of reputation and adoptability.