Many are skeptical of mobile payment systems like Apple Pay
Source: Bryan M. Wolfe

Apple CEO Tim Cook said that his company’s new Apple Pay service could put a “dagger” in traditional credit cards. This might eventually turn out to be true. For now, however, many consumers remain skeptical of mobile payment systems for reasons that aren’t all that surprising.

Statista recently published a chart showing that security concerns is the main reason why many (46 percent) are wary of mobile payment systems. The chart is based on consumer data collected by Thrive Analytics in June 2014.

This sounds about right.

Soon after Apple announced its new mobile payment system on Tuesday, I said it had arrived under a gray cloud thanks to the recent iCloud photo leak. I then wondered whether consumers were ready to trust Apple with their banking cards, when the company couldn’t even secure photos of naked celebrities?

Based on the results of this survey, it looks like Apple has a lot of work to do before Apple Pay becomes a success.