Mobile payment growth is slow in U.S. markets, creators miffed

https://www.business.com/articles/google-pay-vs-apple-pay-vs-samsung-pay/

Despite what my eyes tell me, business.com recently released an article that said mobile payment platform user growth is slow, making up only 3% of total transactions, with only 1% being a person’s most recent transaction. There seemed to be a ‘dumb Americans’ tone as an explanation, which made me think maybe Americans love their freedom more than people thought! Although ubiquitous in social life, adult Americans appear to be unwilling to trust or learn a new payment option that involves a mobile device. Is that a bad thing? If growth continues to be sluggish, will mobile options decrease? With the average American still getting used to chipped debit cards, it reminds all of us the genius in not only the simplicity of cash, but the familiarity and security of having a singular national currency. Even though Apple and Google play deals in dollars, they’re not as familiar as physical currencies like paper money and plastic cards. Be interesting to observe credit card usage increases in the 20th century for parallels. Even though life is moving much quickly these days, it took half a century for plastic cards to become mainstream, so maybe there is time for it to catch on.

3 thoughts on “Mobile payment growth is slow in U.S. markets, creators miffed”

  1. The main reason its not growing the US is because of the ubiquity of credit card processing. In the third world (Africa and India mostly) where there is limited internet access except for mobile, mobile payments are huge.

    Sadly Americans are often slow to adopt more secure methods for the ubiquity of less secure, the slow transition to chipped cards from mag stripes you cite is a good example. Mobile payments are even more secure

    As for cash, government loves it when you carry cash. They just have to assert that you’re a drug dealer and they can take it all away from you

    1. Mobile is a synonym for insecure in the era of 1st world big brother. Just because tyrants try to prevent something, doesn’t make it ok. Cash is freedom and capitalism. The Puerto Rican hurricane in 2017 was a great example of currency fundamentals.

      1. Cash is the opposite of freedom in the era of civil asset forfeiture. Literally all they have to do to take any cash you have on you is to say you have too much cash on you. Its like we’ve gone back to the feudal days when all coins belonged to the king because they are stamped with his image.

        And that’s not even considering what will happen when AOC decides to pay for her Green New Deal by just printing more money. What will you do when all your cash isn’t worth the paper its printed on?

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