Media for [telecom] Mobile payment systems fail to take off with consumers

[telecom] Mobile payment systems fail to take off with consumers

Mobile payment systems fail to take off with consumers

By Brian X. Chen | NEW YORK TIMES APRIL 28, 2014

SAN FRANCISCO - Millions of Americans use smartphones for tasks like hailing a taxi or checking in for a flight. But for buying something in a store? That mostly remains a tech entrepreneur's dream.

For years now, the promise of a mobile wallet - in which paying in person can be as simple as hitting a button on a phone - has led to a host of US startups trying to cash in.

Those companies, though, have faced nearly as many hurdles as they have competitors, including the most basic ones: Many people are not aware of the new payment systems, others are confused by the many choices, and some see no benefit in the mobile option over using cash or credit cards.

The hurdles have left all the payment companies scrambling to find the code for a profitable business model. And now, a feeling is growing that mobile payments systems will not replace traditional wallets, at least anytime soon.

formatting link