And plenty of people feel the same way about cards. That's why Apple Pay falls back to plastic cards, and plastic cards fall back to cash.

If I break my credit card (which is actually quite hard) I get a replacement. If I break my phone I better hope that I had a warranty.

As a credit card holder they still send you a physical card, I don't think than anyone is waving that if you say you have an Iphone.

If you lose your phone you just fall back to the physical card that you presumably have in your wallet somewhere.

Why not just use the card all the time then?

Because the phone is more secure using one time tokens instead of a semi permanent 16 digit number

I was assuming a chip and pin style card. These, as best as I can tell, seem to have most of the security of a phone-based solution, but with a much smaller attack surface (no internet connection, no cellular radio or baseband processor) and no need for recharging or carrying backup payment methods.

The chip on my cards is secure enough compared to a phone-generated token.

Really? It costs $500 to replace a credit card?

That's why I don't waste $500 on a phone when I can get a great flagship phone that's a couple years old for $100. If it gets broken, it's not that hard to spend another $100 for a replacement. If it gets broken in a year, I get a replacement that's $100 and now a year newer than the last one. So my question to you is: why do you feel the burning need to stay on the cutting edge? Do you always have to have a car that's less than a year old?