Few Consumers Are Buying Premise of Mobile Wallets - NYTimes.com

A timely payment system reality check

"The hurdles have left all the payment companies scrambling to find the code for a profitable business model. And now, a feeling is growing that mobile payments systems will not replace traditional wallets, at least anytime soon.

“There was the assumption that there was going to be some sort of spark that ignited the marketplace, and there was going to be a mobile payments revolution,” said Denée Carrington, a Forrester analyst who studies the mobile payments market. But people do not mind paying with cash or a credit card, she said.

“So this was never going to be a revolution,” she said. “It’s definitely more of an evolution.”"

Few Consumers Are Buying Premise of Mobile Wallets - NYTimes.com