In the year since Apple Pay launched in the United States, more companies have come out with their own mobile payment systems, including Apple's rival, Samsung.
Has allowed Samsung Pay to work at almost all restaurant card readers as well as NFC and [UNKNOWN]
But for as much as we use our smartphones, you people are using them to pay.
According to analysts from eight groups, mobile payments account for only 1% of all retail transactions in the US.
While the promise a more convenient way to pay, there are still some major inconveniences.
Mobile payment systems only work with certain credit cards, require the latest smart phones, and retailers need to have the right payment terminals.
For example, Apple and Android pay require terminals with a technology called New Field Communication or NFC.
Only 27 percent of stores have updated their terminals to accept NFC payments.
Even though Samsung pay works at almost all retailers form high end boutiques through to food stores.
Right now you need a high end Samsung handset and it's only compatible with three major banks.
As with any financial transactions there are security concerns.
And if you look at the technology underneath mobile payments, it actually has the potential to be more secure than a traditional credit card transaction.
That's because your actual credit card number is never transmitted.
Instead, a one time number is used in a process called tolkenization.
All of that information that is so important
To safeguard suddenly becomes a lesser issue when a mobile payment is involved.
Clive recommends a credit card instead of a debit card as your underlying payment method.
Using additional protections like PINs and fingerprints and having unique passwords for financial accounts.
For more information on using mobile payments, go to CNET.com.
In San Francisco, Lexi [UNKNOWN], CNET.com for CBS News.
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