The Mobile Wallet Concept Is Not Exactly Taking Off

/// The Mobile Wallet Concept Is Not Exactly Taking Off

April 29, 2014  |  Blog

If you are not an expert at using your smartphone to pay for things, you aren’t alone. The concept of the mobile wallet has failed to take off like the many mobile wallet startups were hoping, according to The New York Times.

Square, Clinkle, LifeLock, Google Wallet, and Loop are just a few mobile wallet startups you might have heard of. But do you use any of them on a regular basis? Probably not. And it doesn’t look like many other people are going to any time soon. The main reason is that most people have no problem using credit cards, debit cards, or cash to pay for things, so essentially, mobile payment apps do not solve any issues. Plus, even the businesses that accept payments from one app usually don’t accept them from all the other mobile wallet options, leaving users to figure out where they can use each app.

You can find out more about the problems with the concept of the mobile wallet at The New York Times.

Image credit: NoHoDamon

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