Is It Time to Replace Your Physical Wallet With Apple Wallet?
With major aspects of our lives transitioning into a virtual world, it’s not surprising that our wallets can potentially be replaced by our smartphones, too.
Apple announced some new significant features at WWDC21 for it’s digital wallet, Apple Wallet. The Apple Wallet now has almost every feature you’d need in a physical wallet, along with multiple additional ones unachievable with a physical wallet.
But does that mean that it is appropriate to replace your physical wallet with your Apple Wallet? Let’s discuss some of the pros and cons of doing so.
What Features Does the Apple Wallet Have?
Apple Wallet has come a long way over the years, with new features being added consistently. Apple Wallet and Apple Pay go hand in hand; you use your Apple Wallet to store the credit and debit cards you use to pay at stores with Apple Pay.
Beyond your credit and debit cards, Apple Wallet allows you to store plenty of other cards and passes. You can add your driver’s license, your passport, and even your ID card. Moreover, you can add transit cards to use for public transport and even put in passes and tickets for specific events. Membership cards, movie tickets, and even redemption points can be added.
Apple recently announced that the Apple Wallet will also be able to hold smart keys. Keys to your house, hotel rooms, car, and workplace can all be held virtually on your iPhone.
The availability of all these features is dependent on region and is limited to the entities that Apple has partnered with. Apple is slowly expanding the locations where Apple Wallet features can be used, and its list of brand partners is constantly growing.
The idea of having almost all these features available on your phone sounds highly convenient, but several factors need to be considered before we decide on replacing our physical wallets with the Apple Wallet.
What Happens If I Lose My iPhone?
Many of us experience the fear of losing our wallets regularly. What happens if it gets snatched, or what if you forget it somewhere? There might not be a way to recover what you’ve lost, and you’d have to go through the lengthy and laborious process of blocking and getting new cards issued for yourself.
If you resort to the Apple Wallet instead of your actual one, you might now fear losing your iPhone instead. So, what happens if it falls into the wrong hands or you happen to lose it?
First and foremost is the barrier your passcode provides. To access Apple Wallet information, someone would need to enter your passcode (which is pretty tricky unless your passcode is predictable). Make sure you always have a strong passcode to secure your iPhone.
Secondly, you have the option to quickly delete sensitive information from your Apple Wallet. Your physical cards are still at home and your private information will not fall into the wrong hands. Win-win, isn’t it?
However, in the case that you do lose your iPhone, you will be unable to access any of your cards, your ID, or your keys. Additionally, you will be unable to make any calls to get some help. Your actual wallet with its spare change would really come in handy at this point, wouldn’t it?
Is It Safe to Store All Your Information on Your Apple Wallet?
When it comes to the safety and security of essential documents on your device, you might have some doubts about cybersecurity in general.
Apple has had an impressive run when it comes to a user’s privacy, especially with the recent release of App Tracking Transparency and the new privacy features in iOS 15, meaning it is unlikely the company has overlooked this in the slightest.
When you use your Apple Wallet for Apple Pay, none of your transaction details are retained by the vendor. Furthermore, all information you add or use is always in an encrypted form.
If you’re looking for more details, Apple has detailed documents on its website explaining its privacy rules related to the use of Apple Wallet, which thoroughly explains how all data is handled and processed.
The Cons of Replacing Your Physical Wallet With Apple Wallet
Having your keys, license, ID card, debit cards, and phone all in one may sound like a good idea, but putting all your apples in one basket does have cons, too.
In the event that your phone runs out of charge and you find yourself without a wallet in your pocket, you’re going to be in big trouble. You will be unable to use any of your keys, and you may not have a method to pay if you’re relying on the cards in your Apple Wallet.
Similarly, there can be tons of scenarios where being solely dependent on just your iPhone can lead to frustrating consequences.
However, it is essential to note that Apple has just begun incorporating some of these features. ID cards and smart keys were the two new features announced for Apple Wallet at WWDC21.
We are unsure about how effective it will be if it applies to ID cards across all states and if the legal forces will fully comply with the use of a virtual driver’s license. My wallet will be around for a while now, but a possible alternative looks to be emerging for the future.
Is Replacing Your Physical Wallet Really the Best Option?
While there’s still a long way to go for digital wallets to become the new normal, the Apple Wallet is still a top contender in the race for the best digital wallets. Apple Wallet will potentially replace our physical wallets, in some aspects, sooner rather than later.
Apple Wallet now holds all sorts of credit and debit cards, along with a wide variety of keys and transit cards at your disposal on your iPhone device at all times. However, accumulating all your essentials in one place may prove to be challenging at times.
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July 22, 2021 at 02:36PM