There is a lot of behind the scenes stuff that Apple does to integrate the real physical card to their virtual card. That doesn’t come free.

I agree. And WSJ somehow managed to miss this completly.

Use UPI tech used in India ,then. There is no need for NFC scanning. It is based in QR code or can be directed sent to your phone number.

@@petrichor259 QR payment is mainstream all over the world, it still cannot replace card payment completely. Card payment is more convenient , more so if it is credit card.

@@petrichor259 takes longer than contactless.

Exactly. Competition is good for the consumer

So right, but then you look at the blind adulation people pour over Apple Pay in the comments here and you have to figure, nope, consumers are doomed by our own myopia, once again.

I speak for everyone when I say no-one will use Paze instead of Apple Pay

As consumers… you have no choice.

Just use cash?

I wouldn't be surprised if US banks tried to slow down the adoption of contactless payments since Apple Pay and Google Pay only work if the POS accepts contactless payments. They may have tried to persuade merchants to not adopt it or slow down the POS upgrade. It's a different story in my country though, as POS machines that support contactless payments are widely available.

Contactless cards have been around in the USA since 2009. I had one then. They just haven’t taken off in usage as quickly here. Nothing to do with that they are new.

app only banks are a thing in the US but they’re seen as “ghetto” or for low income people.

It *is* a US-themed video. But I personally appreciate the comments from viewers worldwide, including yours.

Because it is 'Wall Street' Journal...?

@@DeepakMohantyNeo Was it? My ears completely missed that part. Given Samsung allows you to open an actual bank account via SoFI, I figured they would be taking a cut too.

@@DeepakMohantyNeo "it WAS also the only digital wallet that..." Past tense, meaning it was the first, giving it an advantage out the gate.

Exactly

Because Apple has closed NFC they can afford to charge a fee. Google and Samsung can't, otherwise the banks will just develop their own app.

​@@ContactlessConnoisseur if they really want, nothing is stopping them from blocking NFC access to apps that are not system ones.

Before you conclude America is backwards, please note that most of your tech comes from here.

That's also because credit cards aren't as common there due to credit being more tightly regulated, and only samsung pay got RBI approval for tap and pay with cards at terminals. UPI is still awesome though

​​@@vinayak1998thPhones with NFC already had option almost since the beginning of tap and pay card arrived in India (through Gpay, Paytm and other similar apps) and now UPI lite with tap and pay is another big step.

They should merge

Very smart are u Albert Einstein

That is not remotely how apostrophes work.

@@kelpsie 100%

Every kontol wants to be itil

Amex and Discover keep the whole interchange fee.

@@zionismisterrorism8716 That's because Amex and Discover are the bank in addition to the processor. They fulfill both functions.

@@SkiDaBird you taught me something new today. Thank you stranger ♥️

@@zionismisterrorism8716 They're not banks that use other networks... Which is what I refer to.

@@SkiDaBird Exactly.

Contactless payments are not new to the USA. People using them hasn’t taken off as they mentioned in the video. I had a contactless card back in 2009 in the USA.

@miketech79 What's new is servers are now bringing the payment system to you rather than taking taking your physical card to the register in the back

@@miketech79 you’re correct! The technology itself is not new. But the implementation of the technology was incredibly slow in the US. Restaurants still have to take my physical card away from me to pay in fact.

@@ThatOneDreadHead That's a function of chip and pin commonly found elsewhere than the USA for the reason for table service credit card usage outside of the USA. This has nothing to do with the digital payment system. Since the USA does not use chip and pin that means the switch to get table side readers is not required. So the merchants are not going to go out and spend money on multiple readers for each server.

You guys GIVE your cards there in the US.”?? There’s no way you guys actually accept that. Here every place accepts contactless payments so I never ever need to bring my card with me

That mobile phone is OK if you know how to properly use it , but it's not the whole answer. Re: Pass word stealing. The iPhone/iCloud is not the problem and the iPhone's passcode is not the pro problem. The Human is the problem. Similer to a gun the human did not know how to use the moble phone correctly. After reading this WSJ story 1.4 million humans have wised up about this particular scam of clever people obtaining someone's mobile phone access code at a crouded bar, but there are a thousand of others waiting to bite the unformed. Treat all guns as if they're loaded and the same for your cell phone. Refuse to be a victim and conceal your cell phone in public or they will use it to clean out your savings account.

?

That and the payment is authorised. Anybody can take and freely use your contactless card without the need of a pin or signature.

​@@oopsalllukeAnyone who is able to unlock the phone. Imagine finding a debit card and a phone on the street. Which is easier to use for unauthorised payment? The contactless card can be used for payments up to its limit, even for online purchases. The phone cannot be unlocked - at least, the average person cannot pay with it.

​@@SPFboy86true, although it also centralizes that information to your device. While the average phone is getting more secure, by placing all banking info on it, it would become a big target.

Yeah and it makes a pain to refund onto cards because retail outlets will ask you to jump into your digital wallet to verify you’ve got the right card

Great point. the Apple Card is still very underwhelming with the incentives of using their card. No travel rewards, not enough big-name partners. Just, meh.

@@javianjohnson8746 yea I think it’s just really a entry level rewards card, like the Citi double cash. A coworker got it and he has horrible credit. So unless they come out with another that’s a tier up, Chase, Amex, Citi, and Cap1 don’t have much to worry about.

Everything is digital. Funny how one swipe of a switch could mean that you suddenly own nothing. On you to prove that you did have lots of money just moments ago. Now imagine this happening with a government agency wanted payment. Or not happy with how you voted or just what you typed or said. Presto! Instant bankruptcy. I'll stick with cash. In fact, I demand the right to use cash.

@@veganconservative1109 how do you use cash on Netflix?

@@veganconservative1109 good for you

We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVB's collapse. I've never felt secure keeping a large sum of money in a bank. In other words, I invest through my financial advisor, reap the benefits, and then spend the money.

@@lipglosskitten2610 Impressive can you share more info?

@@hermanramos7092 Christine Jane Mclean, a well-known person in her field, is my advisor. I advise doing more study on her credentials. She is a great resource for anyone looking to understand the financial market because of her extensive experience.

@@lipglosskitten2610 Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.

The banks are in good shape, SVB was an outlier

I know right. As a Canadian that lives close to the border, I always found it amazing that no one had tap to pay cards in the US. Several years ago I was buying shoes at a Foot Locker. My friend bought shoes before me with his tap to pay card and it blew the employees mind. When it was my turn to pay, I let them tap my card. They literally jumped with joy.

Before you conclude America is backwards, please note that most of your tech comes from here.

​@@LenDogg55Bruh in india we can pay with thumb print also 😂 ! Or even a phone miss call 🤙 or even with a email I'd like code we can pay , or even by a phone number of reciver (which linked with bank ) (Everything link with bank thumb, eye retina, phone number,bank account simply, ) or simply a QR CODE which have hidden just UPI payment code ID it's so funny we in india do. Not even need to. Carry cards NFC is like primitive tech for us !

It’s been the norm here in the states too. Apple Pay has been around for over a decade, tap to pay cards and Apple Pay I’ve personally used all the time around 7+ years ago (theaters, grocery stores, restaurants, fast food, etc.)

Omg it's the exact same way here 😭

@@rolando95pg are there no universal apps

There are contactless cards, which are faster to use than your phone.

@@zionismisterrorism8716 But then I have to carry a card with me. Apple pay achieves everything a card could do and we need our phones with us everyday anyway.

@@zionismisterrorism8716my credit card has a little delay to process the payment. But on my iPhone it’s instant

And this doesn't scare you? Imagine having so much locked to a single company? That's "the wrath of grapes" company store level of control.

Innovate or die. Feel free to use candles to save the candle industry instead of bulbs.

Apple didn’t do anything to the Swiss (or Japanese) watch industry, as much as Apple and its fanbois would like you to believe.

@@mollari2261 they became the most selling though!

@@shankarmgs4056 The watch as a commodity was already dead when Apple released the iWatch. Anyone using a watch today is doing so as an fashion accessory or to project wealth. They didn't really alter the market as creating a new market.

Yeah same in Australia, tap and pay and seeing you transactions live have been common place here for years.

Bruh, we Indians don't even use tap and pay we just scan QR code enter password and payment done in 2 second... I'm not exaggerating

How are the USA banks far behind? I’m curious.

Yeah, even our bank cards can be added to our wallets, so you don’t have to use Apple Pay, just the card as an e-card

@@parvizdeamerbank cards in the U.S. can be added to the Apple Pay wallet actually, same with Samsung and Google Pay

Sheep

@@jankay8569 that is insulting dude! Do you kiss your mom with that mouth?!

@Shaquille-Oatmeal baaah

Isn't iphone a smartphone too? Dont tell me that it is an alien tech lol

@@jankay8569 apple sheep and another types of sheeps😂

First we need merchants to support digital wallet payments. This is lacking in so many places, even in large US cities. Some cite the expense of installing and replacing payment terminals as the obstacle to adoption of digital wallets.

@@mollari2261 That's valid. Many small businesses operate on tight margins, and I'm sure this doesn't feel like a necessary expense since most customers can and will simply use a traditional card if the technology for digital payments is unavailable. Similar to how, nowadays, many/most customers find it unacceptable for a business to take cash only, but 30 years ago, a typical customer who wanted to pay with a credit card would have just shrugged and gone ahead and paid cash instead. Eventually it might become unacceptable not to provide customers the option to pay with digital wallets, but we're still many years off before that happens and before is substantively hurts businesses who don't. In the meantime, I think the best solution is for Apple and/or the bank consortium to pay for and provide the terminals if they want businesses to adopt them.

​@mollari2261 A problem only seen in the US tho. Many other places in the world has phased out swipe cards and uses nfc technology

Smart

Uninterrupted in virtual reality on vision pro. Jesus they’re taking over the world

My phone is bigger and heavier than my wallet. I literally have ONE credit card, why would you feel the need to have more?

@@Troyisful More credit cards to maximize cashback and travel rewards. Why wouldn't you want to consistently get 3-5% off on all of your gas, groceries, entertainment, etc?

you have to card your drivers liscense around so you are always needing to carry at least one card anyway

@@mrnarason Some states allow drivers license to be stored in your apple wallet

@@Jay_CW only two, so your argument is invalid for 90% of people...

Yes, this is what I also think. I use Google Pay on my smartphone all the time, but I still carry around all the relevant cards in my purse, since they work without having a battery that could be empty in an inconvenient moment, also I always have a bit of cash at hand, so that I am not helpless if I need to pay a smaller amount with cash, since there still seem to be a few places where only cash can be used (here in Germany), even though these places are fewer and fewer over time.

Wallets can be lost or stolen as well, so what’s your point?

@@legacyjeetkunedo492 My point is simply that if you only have your smartphone at hand as a means of payment, it can easily happen that you end up in a situation where you can't pay at all, but if you also have your wallet at hand (as a backup means of payment), it will not happen that you can't pay. And this is obviously quite important, especially if you need to pay somehow to get back to where you live, or if your fridge is already empty and you were buying groceries etc.

Problem with UPI is that it doesn't make money for anyone, so it won't take off in other countries as the business model is of loss. For how long can Paytm etc survive by making losses is what we all have to see.

@@monarch3724 Paytm is not transparent about their business model but look at PhonePe they are making a lot of profit.

​@@monarch3724wtf who said it doesn't take off it's just started to get some attention from different country's now research before saying

LOTS of people get information from YOUR wallet app. . . just sayin'

Digital currency is the holy grail of governments. With it as the only financial dealing recourse they have everyone's head in a noose ready to be tightened if you say or do anything they don't like. Like voting, commenting, meme making, aside thoughts shared. ANYTHING. Immediately fund disappearances at the flick of a 'switch'. Gone. What you going to do? Penniless and with the Feds after you? Bribe someone to get to safety? With what?

Banks are basically Blockbuster

Regardless of using an app, Apple Pay or a physical card there is still a trail of data in transactions somewhere all the time.

Easy. They'll track what you most you and from there determine what you'd most likely buy in the future. And mostly partner with some other company to try and sell you additional products. Remember those yearly privacy updates you receive in the mail? Normally it says they won't share your data with third parties, but can share with their partners. So, that new credit card offer promising huge travel perks from some bank you never heard of. Probably your data being used by the app partners.

It depends on what wallet you use, Apple Pay keeps the transaction data locked in the device AFAIK

Apple Pay generates a new CC number with a one time use authentication token similar to an NFC credit card. Google Wallet which came out before Apple Pay also uses a similar way. That's why many big retailers refuse to accept NFC payments- when you swipe or use a physical card they get way more info on ya.

Spot on!

Before you conclude America is backwards, please note that most of your tech comes from here.

Before you conclude America is backwards, please note that most of your tech comes from here.

There are no hidden charges because the govt is paying that money from their side. In future, if govt decided to stop it, we will have to start paying extra money.

Not anymore. Now there is a fee on it

​@@HS-yt5bk only on credit card UPI not debit

The use of card is mainly for the rewards. They change 2-3% from merchants and reward some of the amount to customers.

@@hallucination64 if you can see this through, UPI is definitely going to change money for all transactions in future. This recent fee above Rs 2000 is just the starting.

those poor billionaire jews

chase card gives more cash back tho

@@good-tn9sr You probably won't convince the Apple fans that there is anything outside of the iOS ecosystem Oddly enough imo, Apple specifically markets to those who have zero care or time to research the facts of which is better or why. They just love the fact it works and will pay through the nose for it Just like with the drinks of shakes. There is chocolate and vanilla. So to each his own. If they are convinced that Apple makes it convenient rather than better than let them indulge in their guilty pleasure As an android user I laughed at this video anyway. It's funny how they just use Google pay as a footnote rather than a real player. Just like Samsung pay, they are used more often in other countries then the US

@@nomore-constipation How exactly is one paying through the nose for Apple Card? There's are no fees. You know how much interest you will pay before making a payment as well. Chase doesn't give 2% cash back on every purchase - the most they offer is 1.5%. Now if you want to break it down into categories of course there are other cards that give more on restaurants, gas, travel, etc. But for a flat rate card it's simple and it works. And yes, I did my research and try to maximize my rewards 🙃

@@nomore-constipation this video is about the US so

@@nomore-constipation the irony is that the anti-apple crowd is more religious, fanatical in their efforts to convince people that apple / apple-thing, is not good.

Yeah good luck to the banks… look at apple again with the hide my email! 🤣

if it weren’t for the pandemic lol

I doubt you need billions of dollars to implement such a payment system but ok

and now they are heading for the dominance. That also doesn't sound great. I would rather have multiple banks on the top rather than a tech company.

@@eulehund99 theres many tech companies doing this too such as paypal, google pay (which can be used in both iphones and androids) and samsung pay. History has shown that banks are the worst scum of the earth so hearing that u would rather have banks than tech companies is an insane, deluded and hilarious statement

That’s kinda concerning, I still use my physical card for tap to pay. I don’t wanna rely on phone for everything in life.

@@marleychronic8530 and I don’t wanna use my physical card when i can just pay directly from my  Watch 🤷🏻‍♂️

@@marleychronic8530 what r u talkin about u reject convenience??? Seriously??

@@Greenaura101 physical card is convenient asf, I honestly don’t see how Apple Pay is anymore convenient than a physical card. I’ve seen friends use Apple Pay and it actually seems kinda slow

@@TheGreatWasian_ whatttt im using apple watch just need to turn on my watch n select card that i wanna use n then booomm payment accepted ✨ i used to take my wallet out of pocket n then needed to take my card out to pay which is to me hurmmmm

Lowe's finally accepts NFC payments!!! Home Depot and Walmart are the two holdouts plus some regional grocers. Kroger fell within the last year. For me I had my wallet stolen a couple years and it was the wake up call. Like why do I have multiple credit cards, debit cards and things I rarely or almost never use in my wallet. Why can't it be biometrically encrypted on phone and I will only carry one card for things like a sit down restaurant or tech problems. Whether its Apple or whoever, the Digital Wallet is awesome. Even a couple years after adopting Apple Pay I still get a little juice like it magic every time I use it at a retailer.

@@brianc9036 yeah! Mine does too now. I’m so happy to use my Apple Pay at Lowe’s now. Luckily I barely go to Walmart so I’m not affected

and what do you think will happen when Apple has a monopoly on everything?

@@gabriellamartins3384 Mess with all of humans, and I'll be there to laugh at you! Mwahahahahaha

​@@gabriellamartins3384 on what exactly has apple monopoly over? You obviously don't understand the meaning of "monopoly".

​​@@gabbar51ngh read his comment again. He asked what will happen *when* Apple has a monopoly. And seeing the development, they will forsure have a monopoly in phone market share in the US and the GPS Tracker space.

Competition is good. How is “messing with” banks and other tech giants a bad thing? Apple is one of the only companies capable of keeping Microsoft and Google from taking over everything. Sure they dominate the mobile market (in North America) but that’s only one side of tech. Take a look at who actually dominates pretty much everything else.

Banks are nearly a monopoly, so I’m rooting for Apple.

They are behind Europe too. Even this video creators thought that contactless payment was created after introduction of apple pay...

Alternative is cash

@@kevinfernandez9999 as if the price will lower if you're paying in cash

There is no efficiency problem, just duopoly abuse. In the EU regulation limited the fees to around 0.5% and they are fine with it.

@@BuggiEU are you saying every time I buy something in the EU with my American visa which has 1.5% cash back, Visa is paying me 1% out of pocket?

@@privettoli Yes, their cut is capped at 0.2% for debit and 0.3% for credit card transactions.

Contactless payments were introduced long ago due to enhanced security. Nothing to do with apple pay. Video editors just got it wrong.

There are other banks that offer virtual card numbers. Not just Apple Card.

Correlation is not causation.

In Europe its been around a long time. USA has been super slow with adoption.