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Digital Wallets Have Yet To Catch On, JPMorgan Executive Says (reuters.com)
Despite major tech companies working aggressively on making digital wallet solutions available everywhere, these digital payment apps in our smartphones are yet to gain traction, according to Chief Executive of Consumer Banking JP Morgan Chase & Co. From a Reuters report: Apple Pay, Android Pay, and Samsung Pay are being used for less than 1 percent of payments at retailers, Gordon Smith said, citing industry data at an investor conference. Ultimately, the convenience of paying with phones will bring a surge of use from consumers, but it is impossible to know when that inflexion point will be reached, said Smith.
Exactly. It's much easier for me to carry a single CC or Debit card, ID and/or a few bills in cash in my pocket than to carry a relatively heavy phone. Not to mention the effort of signing in to the phone, finding an app, waiting for it to launch then struggle with the payment because the PoS operator didn't hit the right key on their system or some such thing.
It is still simply easier to swipe a card or pay with cash.
My eyes reflect the stars and a smile lights up my face.
You obviously haven't ever used a iPhone to make a mobile payment. It's WAY easier than any CC transaction, and no less than 10x faster than a chip based transaction.
Which has more power: the hammer, or the anvil?
I use an Apple watch and it's a lot more convenient. I double tap the button and wave it over the reader and I'm done.
Using my phone would also be easier - I'd remove it from my back pocket and double tap the home button and wave it over the reader.
For my credit card - I remove the wallet from my pocket, remove the credit card and then figure out if it's swipe or insert for the chip. If it's insert then I have to wait for the network to complete the transaction before removing the card and re-inserting it back into the wallet.
There's no PIN for me to enter for any of the transactions. Signing requirements vary depending on the size of the transaction, the merchant and the card type.
So, sorting on convenience and time spent for the various options: watch, phone, credit card.
It is still simply easier to swipe a card or pay with cash.
Not with Apple Pay at least. I just hold the phone up to the POS terminal with my thumb on the home button (no pressing it, no logging in, nothing) and it authorizes the charge. It's so much faster than using Chip and Pin, and far faster than paying with cash and having the person behind the register have to count out change, etc.
As I always have my phone with me, it's my go-to payment if it's available at that merchant.