Apple Pay: The Beginning of a Cashless Society?

Yesterday (June 8), Apple made the announcement that Apple Pay will be coming to the UK as early as July.

The Apple pay system, which has been very successful in the US trials, is transforming the way people treat their finances and make their purchasing decisions:

A statement on the Apple website read:

“Apple Pay has quickly become a big part of millions of users’ everyday shopping routines, providing a simpler, faster and more secure way to pay,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “We’re thrilled to bring Apple Pay to the UK with support at launch from the most popular banks, an incredible roster of merchants and many of our users’ favorite apps.”

250,000 locations (as well as the entire London underground network) are standing ready to accept Apple Pay when it launches in July 2015; and eight of the most established banks are integrating it into their existing systems.

It seems as if people are about to gain more control over their finances than ever before. With access to their accounts through various Online Banking apps, and the versatility and wide availability of Apple Pay, consumers are rapidly progressing towards a cashless future.

Greater convenience is afforded with the integration of wearable tech. By connecting with The Apple Watch, purchases can now be made with a flick of a wrist, promising both ease of use and heightened security thanks to integrated biometric systems. Mastercard and Visa are two major credit/debit card companies who have adopted apple pay, many of their customers will be able to use fingerprint recognition to authenticate mobile transactions. iPhone 6, iPhone 6 Plus, iPad 2 or Apple Watch will also be able to use Apple Pay in any shops using contactless technology, authenticating with their Touch ID. Purchases from the app store will also be confirmed using a fingerprint or passcode depending on the model of phone or tablet.

As with any new system there will be kinks to work out (battery life not the least), but the proliferation of Apple Pay suggests that mobile technology may soon be replacing cash, particularly for small or everyday transactions.