The U.S. is a long way behind when it comes to mobile payments. A report by CNBC found that Apple Pay made up just 9% of payments in the U.S.
“The U.S. is not a leader when it comes to mobile payments — at best, it’s the middle of the pack compared to other countries,” said Gerard du Toit, partner and head of the banking and payments sector of Bain’s financial services practice in North America. It seems odd considering the ubiquity of iPhones and Androids in the United States. More than 81% of Americans own a smartphone, up from 35% just eight years ago, according to Pew Research Center. While experts say mobile payments in the U.S. will eventually close the gap, they see legacy financial systems, a lack of a need for other options, and rewards cards as major headwinds.
Check It Out: Apple Pay Makes Up Just 9% of U.S. Mobile Payments