Mobile payments are not catching on: JP Morgan exec
Mobile payment applications, such as Apple Pay, Android Pay and Samsung Pay, are being used for fewer than 1% of retail payments, according to Gordon Smith, chief executive of consumer banking for JPMorgan Chase. The bank released their own applications, Chase Pay, last year, but Smith claims that consumers are not yet convinced by digital wallets. However, the executive does believe that consumer use of mobile payments will likely rise, due to their convenience.

JPMorgan exec says digital wallets have yet to catch on

NEW YORK, Sept 12 (Reuters) - 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.