Apple is currently in discussions with United States banks to develop a payment service that will allow users to transfer money to one another from their mobile devices. This would put an end to relying on cash and checks. By doing this, Apple is trying to keep up with other competitors who are urging folks to ditch their wallets and go the digital route.
Although Apple is still continuing talks with banks, it is unclear if any of the banks and firms have struck a deal with Apple. If Apple can go forward with this plan it will put them in the heat of competition with companies such as PayPal that have a solid grip on the digital baking industry. This would be yet another attempt by Apple to “Tighten its hold” on its customers by having them rely on their iPhones for their everyday needs.
Transferring money in this fashion is in fact time efficient and can be a lot more convenient, but there are still clear dangers to this process. In a world where hacking and identity theft is on the rise, having very personal information like social security numbers and account information puts the user at unnecessary risk. Which leads to the question is having your identity stolen worth the convenience of transferring money over your phone?