JPMorgan executive says digital wallets have yet to catch on
NEW YORK Digital payment apps in smartphones, so-called digital wallets, have yet to catch on with customers, the chief executive of consumer banking for JPMorgan Chase & Co said on Monday.
Apple Pay, Android Pay, and Samsung Pay are being used for less than 1 percent of payments at retailers, Gordon Smith said, citing industry data at an investor conference.
Ultimately, the convenience of paying with phones will bring a surge of use from consumers, but it is impossible to know when that inflexion point will be reached, said Smith. Chase last year announced its own application called Chase Pay to hold account credentials for use at checkout counters.
(Reporting by David Henry in New York; Editing by Cynthia Osterman)
Next In Technology News
U.S. tech firms urge Congress to allow internet domain changeover
WASHINGTON Major technology companies including Facebook, Google and Twitter are urging Congress to support a plan for the U.S. government to cede control of the internet's technical management to the global community, they said in a joint letter dated on Tuesday.
Samsung Electronics to halt South Korea Note 7 TV ads until new sales resume: source
SEOUL Samsung Electronics Co Ltd has decided to halt television advertisements for the Galaxy Note 7 smartphone in South Korea until the firm can resume new sales of the phone, a person familiar with the matter told Reuters on Tuesday.
Jeff Bezos unveils new rocket to compete with SpaceX
CAPE CANAVERAL, Fla. Jeff Bezos on Monday unveiled a heavy-lift reusable rocket expected to compete against Elon Musk’s SpaceX and other companies for commercial satellite launches before the end of the decade.