I've actually found it to be better; no tradeoffs.
I haven't tried cash back as I use credit cards rather than debit cards. I've used Apple Pay in the US, Canada, NZ, Australia, Germany, Sweden, and Denmark, and it's ALWAYS preferably to using the actual card, particularly for an American.
If you have a US based bank, even with EMV the bank prefers a signature, which means you have to sign the damn receipt. This is more inconvenient than doing so in the US because:
1. The merchants aren't used to it, so it's a surprise/hurdle
2. It's not common, so you have to sign an actual receipt, not an electric display
3. They don't seem to waive the signature requirement for small purchases ($25-$50) as they do in the US. So you're signing for EVERYTHING.
Magically, if you try to use your US-card-with-a-PIN (assuming you set one up) in an unmanned scenario like in a parking garage, SUDDENLY YOUR PIN WORKS! (quelle surprise!)
I also fell in love with the convenience of Apple Pay+Watch when I was skiing in Whistler; no need to take off my gloves, unzip a pocket, reach in, find, card, use card, sign receipt. Just a quick double-tap on the side button without even undoing my glove gauntlet, velcro closure around the wrist of my jacket, or any of my 5 layers of clothes (yes, it was cold).
Paywave was the most-commonly accepted in Australia of everywhere I've been recently, to the extent that they even tap your credit card to the machine first, assuming it will work, and are surprised when it doesn't. Yet they were VERY surprised by the watch, often saying they had never seen anyone use their watch before. I'm not sure if contactless+phone would have been as unexpected or not; I never tried.
I haven't tried cash back as I use credit cards rather than debit cards. I've used Apple Pay in the US, Canada, NZ, Australia, Germany, Sweden, and Denmark, and it's ALWAYS preferably to using the actual card, particularly for an American.
If you have a US based bank, even with EMV the bank prefers a signature, which means you have to sign the damn receipt. This is more inconvenient than doing so in the US because:
1. The merchants aren't used to it, so it's a surprise/hurdle 2. It's not common, so you have to sign an actual receipt, not an electric display 3. They don't seem to waive the signature requirement for small purchases ($25-$50) as they do in the US. So you're signing for EVERYTHING.
Magically, if you try to use your US-card-with-a-PIN (assuming you set one up) in an unmanned scenario like in a parking garage, SUDDENLY YOUR PIN WORKS! (quelle surprise!)
I also fell in love with the convenience of Apple Pay+Watch when I was skiing in Whistler; no need to take off my gloves, unzip a pocket, reach in, find, card, use card, sign receipt. Just a quick double-tap on the side button without even undoing my glove gauntlet, velcro closure around the wrist of my jacket, or any of my 5 layers of clothes (yes, it was cold).
Paywave was the most-commonly accepted in Australia of everywhere I've been recently, to the extent that they even tap your credit card to the machine first, assuming it will work, and are surprised when it doesn't. Yet they were VERY surprised by the watch, often saying they had never seen anyone use their watch before. I'm not sure if contactless+phone would have been as unexpected or not; I never tried.