U.S. Adoption of Mobile Payments Still Lackluster
Once heralded as a leap forward in convenience and security, adoption of mobile payment services in the U.S. is still relatively underwhelming compared to other countries, even as the U.S. boasts high levels of smartphone adoption. Apple (NASDAQ: AAPL) is hoping that its new Apple Card can help nudge adoption higher, offering a higher rewards rate of 2% cash back for purchases made using Apple Pay, compared to the standard 1% cash back when using the titanium card. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) subsidiary Google rebranded its service as Google Pay in early 2018, combining Google Wallet and Android Pay.
Here's why America has been slow to jump on the mobile payments bandwagon.
Apple really wants Apple Card to bolster Apple Pay usage. Image source: Apple.
Source Fool.com
