Recently, my bank added a "no contact needed" option on their ATMs, with advice that
You don't need your ATM Card any more - just wave your phone near the machine!and I was properly motivated to add their app to my phone.
I next tried to use my phone to pay for my hamburger - but no good. The following day, I tried to pay for my coffee - and no good there, either.
Upon further research, I learned that
- Each bank, restaurant, and store requires that you add their specific app to your phone.
- Each bank, restaurant, and store requires that you setup an account with them.
- Each bank, restaurant, and store requires that you pre load a balance, into your account that you just setup.
In other words, the digital revolution does not replace my ATM card, my cash, or my "credit" / "debit" card. It just gives me another account to host my funds - before I purchase food or merchandise.
There is no digital "wallet" - just a collection of tiny digital "coin purses". And the banks, restaurants, and stores are collecting interest on the floating funds, represented by the coin purses.
And as I add each app to my phone, I find the phone running slower and slower. And my "bank" account runs thinner and thinner.
Impressed - not.
On the other hand, I note a serious concern, with carrying my phone everywhere.