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It's been a little more than three years since Apple Pay made its debut. Today it is joined by Samsung Pay and Android Pay/Google Pay—along with several proprietary concepts from major banks and merchants. But despite millions spent on promotions and marketing for the various concepts, mobile payments volume is still weak.

Key reasons for the lack of momentum include patchy retailer support and the fact that consumers show little interest in alternatives to physical cards at the point of sale. But new data released by the Federal Reserve Bank of Boston reveals that in 2016, during the second full year of mobile wallets' short history, U.S. banks and credit unions across seven Fed districts harbored serious concerns about mobile payments security and other perceived issues.