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.

Comments

Re:Because there's no advantage

[Lab Rat Jason]

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.

Re:Because there's no advantage

[tranquilidad]

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.