I have a Samsung phone you insensitive Clod! Seriously, apple doesn't rule the cell phone market anymore, so Apple pay will only be helpful to a handful of the population.
Not to mention, I refuse to put any payment information, or banking info on my phone, period. Too easy to loose, get stolen, and get's upgraded every so often. I can't micro-shred my old cell phone with all my banking info on it, like I can an old credit card when I get an updated one.
It's a good thing that you don't put any banking info on your phone when you use Apple Pay then, isn't it?
It's almost like they thought of that when designing it!
The information on your phone is a one-way hash generated from a combination of factors - the phone's ID, a salt, your credit card number, etc. The phone only needs to see the number once to generate the key, but it doesn't store the actual number on the phone or use it during the payment process.
If you lose your phone you can log into iCloud and immediately invalidate the key, but there's no way that someone in possession of your phone can recover your banking information. The worst you'll have happen to you if you lose your phone is that someone will try to use it to buy something, but unless they know your PIN or have your fingerprint, they won't be able to do that either. The merchant also never knows your CC number, and nor does Apple, plus the way the system is set up, Apple also doesn't know what you are buying or where you're buying it from - the transaction is between your card issuer and the merchant, all the phone does is provide a key that authorises it.
