Also an old guy, but I use my phone less and less to pay for things. In the major U.S. city where I live, it's not that common. And even after ten years, paying with my Apple Watch still gets stares and remarks. But that could be just that I don't frequent the sort of places that are popular on social media.

If my wallet or credit card is lost, I'm canceling cards, watching my credit report, etc.

If my wallet or credit card are stolen, I go on the bank's web site and mark them as such, and the transactions are automatically blocked by the bank and a replacement card is FedExed to me the next day. Credit report? I'm not sure how that relates to losing a wallet. I don't keep my mortgage details in my pocket.

If my phone gets lost? I don't care that much. But based on what I read on HN, people will be locked out of their bank accounts, their cars, their homes, and everything else in their lives. They won't even be able to call a loved one for help because they don't know anyone's phone number.

People on HN rail against single points of failure. Putting your entire life and trust into a piece of glass is the definition of single point of failure.

If my card is lost, I notify the bank and all transactions are cancelled, involved the ones before the notice.

I may need to pay 150 or 250€ (cannot remember) max, and that's the limit of my liability. I would like to see the bank that will try to make me pay that, it happens once and they backtracked immediately when I told them I am closing my account then.

We do not have the US credit thing, so no repairs to watch.

This said, I am 100% with you on the security of phones vs cards.