Studying the properties and composition that make up the FinTech ecosystem
Welcome to this week’s industry analysis with the FinTech Chemist. While I may not be literally mixing solutions and preparing reagents, I am studying and testing out the latest and greatest in FinTech. One thing science hasn’t been able to crack is why the US is slow to adopt digital wallets.
Sometimes experiments don’t always go as planned. While we may theorize and follow the scientific steps that seem to make logical sense, it can be challenging to get the same result twice. Unlike China, Australia, and even the UK, the US is lagging when it comes to utilizing digital wallets. While digital wallets aren’t necessarily a failed experiment in the US, (it is a billion-dollar industry after all), we still seem to be finding our footing when it comes to using this technology.
Being a chemist, I enjoy actively testing gadgets in the field. I’m an avid Apple user (sorry Samsung, they sucked me in with their colorful Macs, and I was a first-generation iPhone user). So, of course, I’m set up on Apple Pay. I use my Apple Watch or iPhone almost every time I go to the grocery store. It’s must faster than using my credit or debit card, and to quote Apple, “Because spending money shouldn’t mean spending more time at the register.” Not to mention, I can use Apple Pay at all my favorite retailers[1]. To my bank account’s despair, I’m more inclined to buy an item when I go somewhere online and I happen to be on my iPad or iPhone. I don’t have to hunt down my wallet and
