For years, tech titans have been hailing the dawn of the mobile-payment revolution: every phone will double as a wallet, every merchant will be able to accept virtual cash, and as a result, lines will move faster, consumers will collect more loyalty rewards, and retailers will make more money. The reality, however, has been far more complex. High-profile solutions, like Google Wallet, have struggled to take off after launching with a limited number of compatible banks, credit-card issuers and retailers. And customers have been wary of trusting their banking information to the omnipresent cloud in an era of endless data breaches, especially when credit cards work just fine.
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