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.
No matter what the problems are for these card companies, they are doing it. You’re saying — There are problems! There are problems! — and yet, here they are doing it already. I’ve been through a limited version of it in Dallas - just “waving it” and walking out. You say, “there are problems” but there I was, and everyone else in the program doing it.
You say, again, “there are problems” and yet here is the BIGGEST OPERATOR of gas station/convenience stores in to town doing transactions with no pin and no signature!
It appears that regardless of your view — “There are problems” — they’re moving full speed ahead.
That’s what I mean with “direction” and “movement”. It’s happening regardless of the perceived problems.