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Multi-profit Centers / Sales and marketing

Mobile wallet technology not taking off as expected

April 29, 2014
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SAN FRANCISCO — While people are using their smartphones to check in on a flight, or hail a taxi, paying at a store through your smartphone "mobile wallet" has yet to catch on, according to The New York Times.

There are numerous reasons why, including a lack of knowledge from customers that these products exist, and people seeing no benefit in using their smartphone instead of a credit card, it states in the article.

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“There was the assumption that there was going to be some sort of spark that ignited the marketplace,” said Denée Carrington, an analyst who studies the mobile payments market. She said people do not seem very interested in this technology and that moving forward, it’s going to be more evolution than revolution when it comes to mobile phone payments.

Google has the Google Wallet service, and Apple has made it known the company is interested in this technology.

There may be a time when mobile wallets are pervasive, but presently, they’re not a major factor, the article notes.

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