When Apple Pay first came out, I wasn’t sure that it’d catch on. I thought users would be skeptical of entering their financial information into a mobile app that could be transmitted to merchants within seconds.
I was wrong.
According to this article on Gigaom, Apple has tripled the number of stores accepting Apple Pay in just five months, with over 700,000 stores making it an available option.
This information was announced by Tim Cook at an Apple event back in March. During the presentation, Cook revealed a slide that showed many of the new businesses and retail chains now accepting Apple Pay:
In addition to all the new places it’s accepted, Apple Pay is now partnered with 2,500 different banks, up from 500 at its launch in October. This is significant because it means consumers don’t have to apply for specific cards or banks to use the feature. In fact, Apple has also announced that 90 percent of debit/credit transactions in the U.S. could be supported by Apple Pay.
And it’s only a matter of time before that number grows to 100 percent. The rapid growth of Apple Pay, in addition to the rise in popularity of other mobile payment apps such as Venmo and Facebook Messenger, raises some questions about the future of money.
So, as JR encourages us to do so often, I’m going to make a little prediction about that future.
In the next 10-20 years, I could easily see cash becoming obsolete. I hardly ever carry cash anymore. Unless I’m going somewhere that I know doesn’t take a card or has some type of card minimum, my wallet’s probably gonna be empty (take that, would-be muggers).
I think those type of places are ultimately going to disappear (or adapt, at least). In the future, businesses, restaurants, stores and pretty much anywhere else that accepts payment is going to accept it virtually via some type of mobile payment app, whether it be Apple Pay, Venmo, something completely new or a combination of all of them.
In the future, there will be no need for the exchange of cash. Why waste time fiddling around for exact change or waiting for the cashier to break open a new roll of pennies to give you back that three cents? Even the use of credit/debit cards will be unnecessary. All it’ll take will be a quick swipe of your iPhone and you’ll be on with your day.