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Security Fears Hold Back Mobile Wallets

Last year, Forrester predicted the U.S. mobile payment market will reach $90 billion by 2017. Given the popularity of mobile transaction apps like Square, PayPal and the recently launched Amazon Local Wallet, you'd think consumers would eat up the mobile wallet idea. But, no, it hasn't turned out that way at all. There are plenty of apps on the market that allow users to store loyalty cards, gift cards and even credit and debit card information. Mobile banking apps are offered by nearly every major financial institution and most credit card institutions offer apps as well. Yet, Google Wallet fell flat with consumers, PayPal digital wallet is underutilized by its own customers, and there's not a lot of excitement over Apple's rumored release of an e-wallet as part of the next major iOS update.

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