The U.S. is falling behind much of Asia – especially China – when it comes to mobile wallet adoption, and the gap is growing wider. According to recent statistics, less than a quarter of Americans have embraced mobile wallets, compared to nearly half of the Chinese population . The failure to make mobile payments mainstream in the U.S. isn’t for lack of trying; Apple Pay, Google Pay, Square, and others have spent billions on customer acquisition with little success, even though the overwhelming majority of Americans could benefit from switching to mobile wallets – especially if making that switch meant giving up their credit cards.
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