Is the physical wallet an endangered species?
School is about to start for the day, so you grab everything you need. Backpack, keys, phone, wallet—just to name a few of the many things the average person carries around on a daily basis. In the very near future, however, one of the aforementioned may be a thing of the past.
Along with the recently released iPhone 6, Apple revealed their new payment system known as Apple Pay. With Apple Pay, you will soon be able to make purchases with an iPhone 6 or 6 Plus by simply holding your phone up to where you would normally swipe your credit or debit card.
Google has also been testing the waters with mobile payments apps like Google Wallet. Google Wallet can scan and store gift cards for later use, and even link with your debit or credit cards for quick payments at retailers who support the feature.
Mobile payment is slowly gaining traction in more and more retail stores. With Apple joining in on the mobile payment scene, it is very possible that this method will pick up even more in the coming years. While storing your sensitive money and financial information on your phone may seem like a dangerous thing, both Apple and Google have cancellation systems in place in case of stolen data or lost phone.
Try these mobile payments out for yourself. Apple says an operating system update will activate Apple Pay on iPhone 6 and 6 Plus this October, while the Google Wallet app can be downloaded now through the App Store or Google Play.
Jacob is a sophomore studying communication.