Android and Apple Pay - Pros and Cons - Refresh Financial

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Android and Apple Pay – Pros and Cons

Apple Pay

Is using your smartphone as your virtual wallet really safe and secure? Let’s take a look at the pros and cons of Android and Apple Pay:


No more bulky wallet to carry around if you are able to use your phone to pay with your debit and credit cards.


Not all merchants support Apple and Android Pay, so you will probably have to carry around your wallet, anyway.


Apple and Android Pay are much easier methods of payment. There are no pins to remember, no demagnetized stripes, or moody chip readers. You just hold your phone near the reader, approve and you’re done.


When that embarrassing validation text message pops up on your screen while you’re using your phone to pay.


When you enable the service on your phone, you’re also enabling tighter security features and the requirement to use your fingerprint to pay. This is much better than protecting a pin from prying eyes.


You can’t pay for anything if your phone dies.


You’re no longer carrying around credit cards that you can lose. Sure, you can still lose your phone, but with Find My Device services on both platforms, and the required security features for users of their pay platforms, there is no way anyone can use it to charge purchases to your credit or debit cards.


You’re at the mercy of the software - you could be trying to pay for something important on a day when the latest release has a bug.


If your phone gets stolen, the thieves cannot access your payment information and you can use Find My Device apps to hunt them down and collect your device again. If your credit card gets stolen, you have to report it, get a new one issued and likely put an alert on some of your accounts.


Apple Pay will work even in airplane mode and does not require an internet connection, so you can use it while you’re out of town and don’t want to accumulate roaming charges.


Convenience. We always have our phones with us. They do everything. It seems only natural that we start using them to pay.

It does seem like there are more pros than cons to using Android and Apple Pay, and there is no doubt that using your payment methods on your phone rather than carrying cards around is far more secure and less risky, but there is one con that seems to outweigh everything else: the fact that not many retail outlets have adopted Apple or Android Pay compatability. When they do though, this is going to be the most convenient way to pay and to carry around your loyalty cards for all your favourite shops.

With Tap & Apple Pay, Could Cash Become Obsolete?

Many Canadians have tap enabled debit and credit cards. Some of you probably make use of Apple Pay or Android Pay with your smartwatches and smartphones. Slowly but surely, cash is being used less and less frequently. What does this mean for us as consumers and what new risks do we face because of it? With Tap & Apple Pay, could cash become obsolete?

Location Matters

Currently, the need for cash is mostly dependant on where you live and where you spend your money. If you frequent flea markets or street vendors and live in a small town or a rural area, you might find you need cash more often than if you did in the city. Urbanites might be able to go months at a time without having to use cash, but for others, it's still required.

Building Credit

Unfortunately, you can't build your credit by purchasing things with cash. That's why you want to use your credit card for any recurring bills and payments, like your cell phone or Netflix account. Always make to sure to pay off your credit card balance in full every month, this way you'll continue building your credit score, and your cash budget will ensure that you don't run into any trouble.

While it's true that cash is being used less and less, but it remains a great way to preventing the accumulation of more debt. It can be exciting to take advantage of the latest payment methods, but it’s not always in your best interest. Remember, sticking to your budget is much easier with cash, plus you don’t have to pay any interest on it! So hit that ATM and carry cash and avoid debt like a pro.


Finding it hard to build your credit score? Learn how Refresh Financial's credit building program can increase your credit score easily with no money upfront!

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