September 9, 2014
New technology all about making it effortless to spend our money
Spending is about to become more fun than ever.
Apple showed off its new iPhones and Watch on Tuesday, along with a new payment system called Apple Pay.
They prefaced the announcement by showing a video of how people currently pay for things. Oh, the tedium of digging in a purse to fish out a credit card only to have it not work the first time. If only someone would deliver us from this vexing problem.
Then they showed Apple Pay in action. A tap of the iPhone along with a satisfying beep — and that was it. Ahh, payment satisfaction at last.
Well, that’s one way of looking at it. Another way might be: Holy cow! Money is going to be slipping through my fingers faster than ever!
Actually, that may a side effect that Apple is hoping you’ll overlook. They’ve partnered with all the major credit card companies plus most of the big U.S. banks to take a cut of every transaction. As CEO Tim Cook pointed out, the transaction business numbers in the trillions of dollars every year in the U.S. alone.
He also noted, of course, that Apple is working hard to bring its payment system to other countries. Hold onto your wallets, Canadians!
Oh, and by the way, one of the first things you could buy with Apple Pay is an Apple Watch, which also uses the new system. You won’t even have to bother pulling your phone out of your pocket. A simple flick of the wrist and you’re done.
And Apple’s not the only company coming up with innovative ways to rack up our credit bills. On Monday, Twitter started experimenting in the U.S with a Buy Now button.
If, for example, you see a T-shirt on Twitter that looks cool, there will be no need to ponder whether you actually have room in your drawer for yet another top that will hardly ever be worn.
Just tap a button and buy now!
According to The Associated Press, Twitter’s experiment will include partners such as the musical groups Soundgarden and Panic! At The Disco, retailers Home Depot and Burberry, and nonprofits The Nature Conservancy and GLAAD.
I have to wonder how these initiatives can possibly work. I don’t question the technology, but haven’t consumers already been sucked dry? Isn’t the middle class already up to its eyeballs in debt?
We’ll find out soon enough.
Image Credits: Twitter and Apple