"With Starbucks, the use case is so apparent: You use this to earn free coffee," he said. Apple Pay has 22 million, while Google Pay has 11.1 million, according to eMarketer.
He pointed to one exception: the Starbucks app, which according to eMarketer is the most widely used payments app in the U.S., with 23.4 million users. Consumers can use one credit card for gas, one for groceries and another for travel based on the rewards and cash they might get in the process.ĬB Insights' Levi said that's not as easy to transfer to mobile. Merchant acceptanceĬredit cards compete for customers with cash back and travel rewards - something people won't readily give up. But the "cosmetics" and user experience will happen on a smartphone, instead of through a physical card. Levi said the most likely outcome is that the economics involving banks and credit card companies will look the same. Those players have a lot to lose if the status quo changes, including revenue they get when customers swipe credit cards. The legacy players include Visa and Mastercard and the banks. "In areas where mobile is common, there weren't really established legacy players already." So people already had a way to pay digitally that isn't cash," Levi said.
"There is incredible saturation among debit cards and credit cards in the U.S. Arieh Levi, senior analyst at CB Insights, also said the popularity of cards is a key reason mobile isn't taking off. "When it comes to the U.S., there is a good enough solution there already."Ĭards are widely accepted, and in some cases it's easier to swipe a credit card than to take out your digital device, hold it up to your face to unlock it, then double tap the button and hold it up to a monitor. "A big driver of mobile adoption is just how big an improvement is it," du Toit said. But in the U.S., the credit and debit card system is well-established and works just fine for most people.
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