It worked fine for me and I used it several years. Apple is going to go that way and I think you’ll see them going into the payment systems in a big way.
There’s always a transition period, and we’re in it now, while the changes are made. As I said, it’s already been out into effect in a limited way and I used it without any trouble.
Right now, as we speak, I go to QuikTrip and just today, one of the workers there said that they’ve gone to completely “sign-less” for $50 — and that’s on the old cards, not the new ones. Well, heck, that covers just about everything for one trip ... :-) ...
Basically ANYONE could grab someone’s card and buy stuff there, no questions asked.
However, the person who has the account is protected, because if something is stolen or missing, you call it in and your money is put right back in your account. That’s an old card or a new card.
With the guaranteed money back in case of fraud, people are going to have no problem using them.
I’m sure it worked great for you. And would have worked great for the guy that stole your wallet until you got the card canceled. That’s the hole in no contact, it presupposed the guy who has the card is the guy who’s supposed. Which kind of makes it like cash, only your entire credit limit in now in your wallet, which in most worlds would be considered bad.
An Apple app has whatever security you put on your phone, if you set it to lock then thief will have to get past that, if you don’t though.
You’re “protected” in so far as you figure it out and call it in have your card canceled and replaced and go through the list of charges to figure out which were you and which weren’t. Think of it from the bank’s perspective. How many times do you think they’re going to reimburse people for these fraudulent charges before they decide sign-less is too expensive. There’s a reason they’re the guys driving (years after they should have) chip and sign/pin, additional security layers work in their favor in the long run because they’re the guys out $50 * the number of card thieves that go to QuickTrip or anyplace else that will do contactless.