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Apple Unveils New Way to Pay, But Will People Buy In?

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Rochester: Apple Unveils New Way to Pay, But Will People Buy In?
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During their fall event, Apple announced what they are billing as an entirely new payment process.

"There's been a lot of talk about mobile payments for many, many years and people have kind of been waiting for it to happen. And the conventional wisdom has always been that if it was ever going to happen, Apple was probably going to be the one driving it,” said Matt Schulz of CreditCards.com.

The question is, will consumers go along for the ride? Schulz says probably not quite yet. During a recent survey, six out of 10 Americans told the Austin-based company that they would never or hardly ever use their mobile phone to make a purchase.

Their hesitation is hardly surprising given the constant headlines about hackings and security breaches.

Is it something people will be comfortable doing?

"I don't know. Not yet. Not with data breach things,” said one New Yorker.

"I'd be more worried about the security and the hacking of it really,” said another.

The other hurdle is one of convenience.

"People will need to be convinced that it's as easy and simple to use your mobile phone as it is to just break out your debit card and credit card,” said Schulz.

According to the survey, willingness to use this type of technology decreases with age, making twenty-somethings the most likely early adopters.

As for everyone else?

"I don't think we'll have a choice eventually. I see that they are trying to eliminate money changing and everything is click, click swipe!” said one New Yorker.

Whether you prefer the click or the swipe, Schulz says in the end, your money is only as a secure as you are diligent.

"So it's incumbent on you to keep an eye on your credit card statement. Keep an eye on your online bank statement. Just keep an eye out and make sure nothing strange is happening,” said Schulz.

The new payment system will be available with the iPhone 6. According to Apple, more than 220,000 merchants have signed on to accept this form of payment. Apple Pay is set to launch in October.

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