It seemed like a cool idea, but your tech is only as good as its utility. And when the big dogs not only say no, but Hell, No - it's not going anywhere. That's exactly what Walmart and Best Buy have said, along with KMart and 7-11. CVS and Rite-Aid are actively disabling their NFC readers to ensure that no Apple cooties get in.
Oh, banks and credit card companies are behind Apple - but retailers aren't. Matter of fact, they've formed their own tech consortium, called CurrentC, to build a direct competitor to Apple's app. CurrentC is anticipated to go live next year, and the banksters are livid. That's because the app's designed to eliminate the middleman; taking payment straight from your checking account for purchases.
Meanwhile, not a single bank backs CurrentC. That's because the system is designed to cut out the middleman — and credit card processing fees. The app, when it launches next year, won't replace your plastic credit card. Instead, it will withdraw directly from your checking account when you pay at the cash register with a QR code displayed on your Android or iOS device. Or you can pay with gift cards and "select store debit and credit cards" (read: just the ones issued in partnership with CurrentC backers). In exchange for not using your credit card, the retailers plan to offer exclusive coupons and promotions to those who use the app.
And everyone from Old Navy to Wendy's is getting behind the Apple alternative. It's worth noting, though, that there are some huge red flags here: since the money comes straight out of your account, you're giving up the loss-prevention safeguards that are built into law relating to credit-card fraud if you use CurrentC. In today's environment, that's a potentially huge risk.
Personally, I'm sticking with cash.