Daring Fireball: The Savings Account Is Half Empty

April 19, 2023

Daring Fireball: The Savings Account Is Half Empty:

This is just looking to piss on Apple no matter what the story. A digital state ID stored in Apple Wallet is more secure than a printed card stored in your physical wallet. If one thief takes my iPhone, and another takes my wallet and keys, the first thief needs my device passcode to get anything. The second thief instantly knows everything that’s printed on my driver’s license and credit cards — including the address of my home, where the keys will unlock the doors. The digitization of banking does carry risks, but the pre-digital world of banking revolved around paper checks and signatures.

There’s nothing hard to square about Apple’s initiative in this regard at all. I’ll bet Tim Cook has his driver’s license in Apple Wallet — and I practically guarantee that he has his credit cards in Apple Wallet. Apple Wallet really is more secure that a physical wallet and cards. And the new savings accounts simply offer Apple Card customers a way to earn interest on cash accounts that heretofore did not pay any interest at all. There’s nothing to be cynical about with this.

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