In China, digital wallet payments accounted for 46% vs just 5% in the US

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In China, digital wallet payments accounted for 46% vs just 5% in the US
mohamed_hassan / Pixabay

JPMorgan Chase will discontinue its Chase Pay mobile app in early 2020. FinTech executive Monica Eaton-Cardone notes this development as sign of an overall lag in merchant, consumer acceptance of contactless payment technologies in the U.S.

Americans lag behind in mobile payments-despite being more secure.

  • In China, digital wallet payments accounted for 46% of $2.5 trillion in consumer spending last year.
  • In the U.S., digital wallet share was 5% of $2.6 trillion and to further attrition that,
  • JPMorgan Chase will discontinue its Chase Pay app in 2020.

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