It’s worth doing a much bigger post bringing together all sorts of snippets from articles proving that many in the media are hailing Apple Pay as what will save us all from using cash – and the burden of having money entirely – and then exposing what little they actually do know about it. It seems that each article I’ve seen since the week before Apple Pay was announced is the same click-bait style speculation. I’m not personally convinced this is going to be a boon to Apple or make anyone’s life actually easier – and some in the media might be catching on. Especially now that there are some cracks in the foundation, like going up against Wal-Mart, Target, CVS and other retailers who have their own payment consortium and working groups, the media is enjoying writing more link bait about its demise.
Right now they still seem to love it, but they don’t really understand it;
Apple Pay works on the company’s new iPhone 6 and 6 Plus, which have so-called near-field communication technology built in. The big catch for Apple is that merchants have to upgrade their credit and debit card systems to them read those short-wave signals.
via: Business Week
It’s not “so-called near-field communication technology” – it works by using the Near Field Communications standard, a standard first arrived at in 2003. 11 years ago, it’s old technology in current tech terms. The folks wanting you to take their stock advice don’t understand how it works, they just know Apple has done it better than anyone else and it’s going to make them, you and everyone a lot of money.