What would be the impact of this technology to personal security?

Listen to me folks... Any card that uses the magnetic stripe on the back is a security risk. The magnetic stripe is so bad that Europe wont accept them you have to have a PIN and Chip. The magnetic stripe is the most unsecure method of card use. Don't waist you money on this device.

Too little, too late. At this point, it looks like Apple Pay is going to be the 800-pound gorilla in the room in this field, thanks to its security and the cooperation of card issuers. Other smaller NFC payment systems will compete with it. Swyp is basically trying to hold onto a technology that will be on its way out in the near future.

This is definitely one technology that I don't want to be an early adopter on. Just think of how wrong it can go.

S Michael, The US is finally just starting to switch over to the pin & chip style cards, but no method is completely safe.
Gadgeteer is dead on, whether it be by Apple or someone else, paying for something by using your phone is where it's headed. A close comparison would be: Current plastic cards are like dvd's, and pin & chip cards are like blu-rays. Yes, their better but they fill interim gap. Movies have moved from physical discs, to digital downloads/streaming. Much like physical cards are moving to digital transactions using your phone, since it's something you always have on you.
In other words, "swyp" is DOA.

@Gadgeteer. Visa is developing an app for your smartphone. They will use the gps to verify you are physically at the same location as your card Still not as secure ad pin and chip, but better than nothing

I'd say, unless you have chip&pin enabled from day one, you are dead in the water over here in Europe. Gone are the old-school days of purchases with a swipe and signature! And competitors like PLASTC is already in the space... I also agree that if I had a choice I'd use Apple Pay directly, but seeing that Apple has not opened it on Europe, I have pre-ordered PLASTC.

Gadgeteer (above) nailed it. However, I take issue with "smaller NFC payment systems". If Google and Amex qualify as "smaller", you must live in a very elevated world.

I have this already, it's called an iphone with apple pay. Plus it uses fingerprint id rather than a pin.

Apple pay might take on the bank and credit cards but I don't see it replacing every gift, loyalty, discount or membership card. I have 1 EFTPOS card and 2 credit cards but over a dozen other cards that live in my desk, wallet and glove box but I always never seen to have the right one at the right time. This is where I see this tech really making an improvement.