Is Apple Pay Making You Broke?

Fun Facts:

As of September 2019, there were 441 million Apple Pay users worldwide.

In March 2020, 5.9% of the Australian population stated that they used Apple Pay, 3.9% stated they used Google Pay and 1% said they used Samsung Pay.

AND by 2025, it is expected that Apple Pay will account for 1-in-10 global card transactions. 1-in-10, goddamnit.

Check out the graph below which shows the increase in the use of contactless/cardless mobile payments from 2018 to 2019.

The Increase in Digital Payment Platforms in Australia 18/19
How Does Apple Pay Work?

The use of contactless payment methods is only going to keep increasing. So, it’s probably a good idea that we all actually have some understanding of how it works, right?

In this post, I’m just going to be calling it Apple Pay, but I’m pretty much referring to all contactless payment methods i.e. Samsung Pay, Google Pay etc. Apple Pay is a contactless payment service that allows you to pay for things by using your Apple phone or Apple watch. You can use either Face ID or Touch ID to make transactions in store, online and within apps. Combine this with the fact that consumers don’t pay any additional fees and it becomes pretty clear that Apple Pay is, undeniably, bloody convenient.

Yet, here I am ready to tell you all the reasons that I think Apple Pay is making you broke. Hear me out…

Photo by Jack Sparrow on
Having Apple Pay Means You ALWAYS Have Access To Money

Ok so, you know that moment when you’re out and about just minding your own business and then you see something that catches your eye and you’re just like:

“Damn I have to have that thing right this second or I’m not sure the rest of my life will be worth living?!”

Yeh, you know it. We alllll know it. So you go to pay for that thing that you just need to have but as you reach into the back pocket of your jeans you realise that:

“Fuuuuck, I left my wallet at home…”

Anyway, you walk away from the store brokenhearted, but then ten minutes later you’ve kinda forgotten what the hell it was that you actually wanted to buy.

This, my friends, is an example of how leaving your money at home can save you money. It’s not something I came up with myself, and it’s a not new trick by any means, but I actually leave my money at home purposely sometimes because it is seriously one of the best money saving tricks. If you know for a fact that you’re not going to have any expenses when you leave the house for a walk, or for work, or to go and visit your mate down the street, then why the hell do you feel the need to bring your wallet?!

I’ll tell you why. You bring your wallet just in case you wanna do some unintentional spending.

What Is Unintentional Spending?

Unintentional spending is when you spend money on things that you don’t need, and that aren’t really adding any value to your life. You didn’t plan on spending that money but it just, ugh, kinda happened anyway.

You might not even realise that you’re doing it, but you are probably unintentionally spending all the damn time. You’re doing it when your colleague asks you to come and grab a coffee with them, even though you really didn’t even want that large cappuccino. You’re doing it when you just make a quick stop into that bakery because those almond croissants just smell so damn good. You’re even doing it when you walk past a SALE sign and tell yourself that you’re definitely saving money by buying that dress for 50% off.

Honestly, if you find it hard to save money or to stick to your budget, unintentional spending is the reason why.

Apple Pay Wants You To Spend Unintentionally

According to one of my mates, Apple Pay “just makes me spend more money.” Ugh duh, because Apple Pay literally makes money off you spending unintentionally. The more you spend, the more the company profits. Hence why Apple Pay has made it so damn easy for you to spend.

By having access to money all of the time, your brain is wired into believing that it’s ok for you to spend more. You don’t see any physical cash being exchanged, you don’t have to open your wallet and you don’t even have to touch your bank card. Removing the physicality of spending money means that you don’t even really realise that you are spending. This, in my opinion, is the most dangerous thing that can happen to your bank account.

So, is Apple Pay making you broke?

The answer is no. Probably not. If you’re broke you really can’t blame all of your broke-ness on poor Apple Pay, but you can definitely blame it for leading you down the rabbit hole that is unintentional spending. If you’re serious about saving money, get intentional about your spending habits and remove Apple Pay from your phone. It might just be the best damn thing you ever do for your bank account.

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The Stingy Bitch

Based in Sydney, Australia.
Created in 2020.

This site and all of it’s contents are provided for entertainment purposes only and do not constitute personal financial advice. All products that are mentioned are general product advice only, not personal product advice. Not all options are presented and my opinions are subject to change. All content and posts have been prepared as a general summary only and is not intended to be financial advice with respect to any particular matter. This post should not be relied on with respect to any particular matter. If you have questions about any aspect of the content or this site or otherwise require personal financial advice, you ought to seek financial advice. The author disclaims liability to any person who relies on this post.

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Published by thestingybitch

A Twenty-Somethings Guide to Saving Money Whilst Still Living Your Best Life

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