What exactly is the purpose of paying with your phone as opposed to regular credit card?
I have a bunch of special cards in my wallet so I can't see getting rid of it.
It will be a long, long time before EVERYTHING is digitized.
How long before you can confidently leave the house with no credit cards or cash? 3 years, 5 years, 10 years?
If you don't carry your credit cards then you have to leave them at home. Where do you keep them? In a safe? Under your pillow? They are a lot safer in my wallet.
Retailers are in the same position. What do they do? Do they have a Google machine, an Apple machine plus credit card machine plus cash? That is a lot of infrastructure just to receive a payment. What is their motivation to install the infrastructure?
Is this going to turn out like the HD DVD, BlueRay battle until one system prevails?
It is all nice to dream of a seamless convenient payment system but the reality is, it is going to be a confusing mess before we get there.
I'm not really buying this idea that paying with a phone will be more convenient, more secure or better in any way whatsoever.
If you are worried about privacy you certainly should not be advocating the obsolescence of cash.
Personally I'm not too concerned about the bank knowing where I purchased something because the merchant doesn't send the information about what I purchased, so the bank has very limited tracking info about my purchases. Plus the bank doesn't sell merchandise in the same way that Apple does so they really don't care what I buy unless it is a house. I'm not sure how the e-wallet concept works but I would suspect they would try to capture the items purchased if possible.
The original idea in Japan was to buy a single item from a vending machine and have the payment go onto your phone bill. That was convenient since half the time you would not have the correct change or the paper money would be wrinkled or whatever. Another convenient example is mass transit, but again it is a single item being purchased not a cart full. The thing about shopping at a store where you select multiple things from the shelf and put it in your cart is that you do need to check out. No merchant is going to let you just walk out of the store without inspecting your shopping cart. If you are going to be checking out anyway what difference does it make how you pay? There is no added convenience to use your phone. In fact it is an added inconvenience for the merchant.
Sorry. Just rambling through some obvious issues with the concept of paying with a phone.
Sure it is not such a bad idea to keep things like coupons and boarding passes etc but payments in general seems problematic to me.