Layer designs Ledger Stax hardware wallet for storing cryptocurrency

Design studio Layer has collaborated with tech brand Ledger and designer Tony Fadell to produce Ledger Stax, a screen-wrapped, credit card-sized device for storing cryptocurrency and NFTs.

Ledger Stax is a hardware wallet — a device that stores the digital keys needed to encrypt and decrypt crypto assets offline, where they’re considered to be most secure. Users can also view and send their cryptocurrency and non-fungible tokens (NFTs) through the device.

Layer developed the product with French company Ledger, which has previously designed the Nano hardware wallets. The initial idea came from Fadell, who led iPod development at Apple and co-founded Nest Labs, now Google Nest.

Three small devices with greyscale e-ink screens standing on their ends
Ledger Stax is a hardware wallet with a wrap-around e-ink screen

Ledger Stax is built on the same architecture as the Nano series, but has a unique form that Layer says elevates the experience of interacting with cryptocurrencies and NFTs.

Its distinctive feature is an e-ink screen that wraps around the front surface and spine of the device, allowing for intuitive touch interaction and, given the technology’s energy efficiency, a battery life of weeks or months.

Layer founder Benjamin Hubert considers the e-ink screen an “underused” technology that fits perfectly with the heavily text-based needs of Ledger Stax and allows it to have a different type of design language, free of the expectations set by phones.

Photos or NFTs can be displayed in greyscale on the lock screen, helping to personalise the device, which is around the same size as a credit card but a little thicker, with a six-millimetre-wide spine.

Three Ledger Stax devices at different angles, one showing a Bored Ape NFT in greyscale
The lock screen can display photos or NFTs in greyscale

The design also invites the stacking of multiple devices in the manner of physical currency or conventional ledgers. Adjacent devices will magnetically hold together, giving users the ability to organise their portfolios across separate devices while clearly identifying them from the labelling on the spine.

As well as allowing users to manage their crypto assets, Ledger Stax can be used to explore Web3 apps through the Ledger Live app, which also connects the device to a smartphone.

The device has an aluminium casing that Layer says gives it a reassuring weight in the hand and emphasises its secure nature. Its soft edges allow for easy grip.

In addition to the touchscreen, it has a single button providing the functionality to power the device on and off, and lock and unlock the screen.

Three Ledger Stax devices stacked upright like ledgers
Multiple devices hold together magnetically

Layer has been working on Ledger Stax for two years. Hubert believes that although the value of cryptocurrencies has plummeted in recent months, it has never been a better time to launch the product, as it provides people with an alternative to using centralised exchanges for storage.

“Crypto market ebb and flow aside, the need for people to understand how to and why they should take their assets into their own hands has grown in the wake of recent news,” Hubert told Dezeen. “A popular expression in the world of crypto is ‘not your keys, not your coins’, which refers to needing to own the private keys associated with your funds.”

“It has never been more appropriate with the struggles a number of centralised exchanges have been dealing with — most notably, the collapse of FTX — and the tragic fallout for the average person,” he continued.

“Ledger’s secure architecture will continue to lead the way in that regard, and Ledger Stax could not come at a better time.”

Close-up on spine of Ledger Stax device showing text reading "Tony's NFTs"
Electronic text on the spine can be used to label the devices

According to Hubert, its e-ink screen also makes Ledger Stax more sustainable than many other consumer devices as this technology draws less power and only when it refreshes, rather than constantly as O-LED screens tend to.

Sustainability is an area where cryptocurrency and NFTs have previously come under criticism, due to the amount of computer processing power that they require. However, Hubert says that more energy-efficient solutions are slowly being offered, pointing to Ethereum’s switch from using a proof-of-work to a proof-of-stake model earlier this year as an example.

“As crypto continues to mature, there will likely be more of this – and there are already many other players in the space that offer sustainability as part of their ethos,” said Hubert.

Close-up on the back of the Ledger Stax device showing "L" branding
The device was created in collaboration with Ledger and Tony Fadell

The designer, who has what he describes as a “moderate investment” in the cryptocurrency Ethereum, says the project suited Layer’s interest in working with technologies that enable and complement cultural shifts.

“Like any market, Ethereum has its ups and downs but I think it has a promising future,” said Hubert. “It’s exciting to be part of an emerging financial market, and working with Ledger has only cemented my belief in the potential of crypto.”

Ledger Stax is Layer’s second crypto product following Trove, a system incorporating a watch-like wearable device. The studio regularly works in the tech space, and has also recently designed smart glasses for Viture and a meditation headset for Resonate.

Apple launches the first driver’s license and state ID in Wallet with Arizona

Apple announces first states to adopt driver’s licenses and state IDs in Wallet

GreenHeart CBD Ltd. Bringing Thousands of Users to Epazz’s ZenaPay Bitcoin Wallet With Credit & Debit Card Payments After Successful Launch of GreenHeart CBD Token

Epazz Created Smartcontracts for GreenHeart CBD Token Which is Over 500% in Price Increase This Week

CHICAGO, IL., Aug. 18, 2021 (GLOBE NEWSWIRE) — via NewMediaWireEpazz Inc. (OTC: EPAZ), a mission-critical provider of blockchain cryptocurrency mobile apps and cloud-based business software solutions, announced today GreenHeart CBD Limited in Ireland will be using Epazz Holdings’ ZenaPay Wallet. This will enable users to make easy payments using crypto currencies for everyday transactions. GreenHeart CBD mobile app is launching soon and will be available on the App store and Play store. GreenHeart CBD customers will be able to purchase CBD oil using GreenHeart tokens and at a later date, customers will be able to use credit cards and debit cards to make everyday purchases around over Europe.

Epazz worked with GreenHeart to help launch their IEO Token on their dex at Over the past week, the GreenHeart token has increased by 500% as GreenHeart gets closer to launching their mobile app by ZenaPay Wallet. GreenHeart has over 5000 token holders and customers that could potentially use their mobile app.

The ZenaPay Wallet app will continue to adopt new cryptocurrencies, all available on a single Blockchain Wallet. ZenaPay offers a quick, simple, and complete transaction and will include features from Epazz’s other blockchain apps.

“We see big opportunities with increasing our revenue by earning fee on every transaction with the credit card or debit card purchase,” said Epazz CEO Shaun Passley.

Future Featured Releases

Point of Sale

ZenaPay is developing an iPad POS app to integrate with the Merchant App, and Epazz will release the app’s POS version. The new system has been designed to integrate seamlessly with merchants’ store flow.

Vendor and Payroll Payment Solution

ZenaPay’s development team is working on a vendor payment solution that will allow merchant businesses to pay vendors and employees using cryptocurrencies.

Future features will include an e-commerce store, seed-to-sale tracking, and sales reporting and compliance.

About ZenaPay (
ZenaPay is being developed to solve a major problem in high-risk industries: getting paid. Traditional banking systems do not allow high-risk industries to access their payment systems. ZenaPay offers a cutting-edge payment solution that gives consumers a way to buy items online or in-stores using Bitcoin. The new Bitcoin payment software will allow consumers to use cryptocurrency to make online or in-store purchases with ease. The process will be anonymous because all transaction details are encrypted through Bitcoin, which will enable stores to accept digital currency in addition to cash. ZenaPay is available on the Apple App Store and Google Play Store.

About Epazz Inc. (
Epazz Inc. is a leading cloud-based software company that specializes in providing customized cloud applications to the corporate world, higher-education institutions, and the public sector. Epazz BoxesOS v3.0 is the complete business web-based software package for small to midsize businesses, Fortune 500 enterprises, government agencies, and higher-education institutions. BoxesOS provides a combination of many of the web-based applications that an organization would otherwise need to purchase separately. Epazz’s other products are DeskFlex (a room scheduling software) and Provitrac (an applicant-tracking system).


The “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking language, such as “may,” “expect,” “intend,” “estimate,” “anticipate,” “believe” and “continue,” the negative thereof or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results to differ materially from future results or those implied by such forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by such forward-looking statements. Epazz Inc. assumes no obligation and has no intention of updating forward-looking statements. It has no obligation to update or correct information prepared by third parties that is not paid for by Epazz Inc. Investors are encouraged to review Epazz Inc.’s public filings on and, including its unaudited and audited financial statements and its OTC Markets filings, which contain general business information about the company’s operations, results of its operations and risks associated with the company and its operations.


For more information, please contact

Investor Relations

mailto:[email protected]

(312) 955-8161

AirTag, Find My key to recovery of lost wallet on NYC subway

A Brooklyn man was able to find his wallet hours after losing it on a New York City subway thanks to Apple’s AirTag tracking accessory.

William Liu, 25, said he lost his wallet on the Metropolitan G subway after attending a concert that ended around 4 a.m. Liu says the wallet must have slipped out of his pocket on the subway ride.

After waking up at 1 p.m. the next day, Liu realized that he had lost his wallet. “I pulled up the Find My app and saw that it was all the way at Church ave,” he wrote.

Liu made it to the Church Ave station and asked some of the local Metropolitan Transportation Authority staff whether they had received a lost wallet. After asking around, he said no wallets had be found, but one MTA staffer said it could be in a dispatcher’s office.

Once Liu got close to the dispatcher’s office, Precision Finding began activating on his iPhone.

“It starts pointing us right to the booth. I’m getting really excited at this point, I really needed my wallet because we were traveling at the end of the week,” he wrote. “We knock on the door and ask the lady inside about a wallet. She says she hasn’t seen or heard about no wallet and shrugs us off. She really didn’t want to deal with us and she seemed pretty sure that a wallet did not get turned in.”

However, Liu was certain the wallet was nearby because of the Find My feature. He showed the MTA dispatcher the Find My app and gave it to her so she could look around the office building.

“She takes my phone, and goes back inside the office. We can see precision finding guiding her around the office, until it takes her to a drawer, which she opens. To her disbelief, my wallet is there!” Liu wrote.

The 25-year-old tech enthusiast praised Apple’s AirTag accessory and how a “cheap device can tie into the existing ecosystem and integrate with the other devices to create a practical and powerful experience for users.” Liu also mentioned how amazed the dispatcher was about the technology. “She kept asking me, ‘How did you do that?'” he wrote.

Although it was likely a stranger who found the wallet and turned it in to the MTA, Liu said the chances of him finding it without AirTag were slim to none.

“I’m so thankful I tagged my wallet, and really impressed with how the tech worked out for me in a real life situation. If I didn’t have the tag, there’s no way I would have gotten that wallet back

Keep up with everything Apple in the weekly AppleInsider Podcast — and get a fast news update from AppleInsider Daily. Just say, “Hey, Siri,” to your HomePod mini and ask for these podcasts, and our latest HomeKit Insider episode too.

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Review: Labodet offers a MagSafe wallet born out of high fashion

Apple’s MagSafe wallet has some competition months after being released. Labodet has debuted a fashionable alternative that includes exotic leathers and a fix for the wallet’s most frustrating design flaw.

The home of fashion

The Labodet wallet is created in the tradition of Parisian high fashion, focusing on quality materials and craftsmanship. We chose the traditional Italian calfskin leather, but there are many other, more exotic materials to choose from. Labodet offers python, ostrich, and alligator hides as well in its MagSafe wallet. These aren’t our preferences, but we do understand their place in the world of fashion. The exotic leathers are also a big differentiation from Apple’s traditional leather.

Honey brown Labodet wallet compared to Apple's Saddle Brown wallet

Honey brown Labodet wallet compared to Apple’s Saddle Brown wallet

All leathers come in green, blue, brown, black, grey, honey, orange, pink, and red — with honey being our preferred color. Each color is quite vivid and looks great, though we went for something less flashy. It most closely matches Apple’s Saddle Brown leather iPhone 12 case.

On the front of the wallet is a small metal emblem of the Labodet logo. It is hand-polished steel, 18K gold, or black PVD plating. That logo looks quite nice, but it sticks out just a bit too much for us. It creates just a bit of a sharp lip that could perhaps be rounded just a hair more.

There are many customization options between the leather type, the leather color, and the metal adornment color. 108 of them to be exact.

MagSafe connectivity

The key to this wallet is the MagSafe connectivity that keeps it affixed to the rear of your iPhone when you need it, and sitting in your countertop valet when you don’t. Your normal wallet-style iPhone case has the card slots sewn to the back and are permanently attached. By using a magnetic wallet, the wallet can come off when unneeded but can snap into place as you head out the door.

We’ve been using Apple’s MagSafe wallet and are thrilled by the convenience. It is easy to grab the wallet when we need it but still have the ability to use our MagSafe charger and our Belkin MagSafe car mount.

The microsuction pad on the back of the Labodet wallet

The microsuction pad on the back of the Labodet wallet

Aside from the exotic leathers, there is one key differentiator between Apple’s approach and Labodet’s. Apple’s wallet has leather on the back. When it goes against the glass back of your iPhone, it can slip a little if bumped. It holds better against a leather or silicone case, but it is still a concern. Labodet instead uses a piece of microsuction material.

Labodet wallet on Apple's leather iPhone 12 Pro Max case

Labodet wallet on Apple’s leather iPhone 12 Pro Max case

This microsuction material has been used before on accessories such as battery packs or docks that help keep your phone in place. Here, it helps the wallet maintain its position on your phone. While it doesn’t stick too hard, it does hold on better than Apple’s. It does get dirty and dusty as we take it off our phone, but the good part is that it can be wiped clean with some water or a damp cloth.

That little bit of extra adhesion is even more important as this wallet lacks part of the entire MagSafe setup: the additional alignment magnet. Apple has a lower magnet towards the Lightning port of the phone used to help keep the wallet oriented properly and from spinning around on the back of the phone.

Paying the price for convenience

MagSafe wallets are exceptionally convenient, assuming you can par back your essentials to only two cards. We can’t overstate how nice it is not to have to worry about a separate wallet and keep everything at our fingertips. We always have our ID and a credit card at the ready whenever Apple Pay isn’t accepted.

A MagSafe wallet doesn’t have to be an everyday carry either but rather used for nights out on the town when you want to shun any bulk or items that can be easily forgotten.

Assuming you’re on board with a MagSafe wallet, the question becomes about what options you have. At the moment, they are few and far between. Apple offers the mid-tier solution with its official leather wallets, and Moft offers a budget solution with its combo wallet and stand. Labodet comes in at the premium end, fulfilling the good, better, best offerings.

  • Fantastic quality
  • Microsuction padding on back for better adhesion
  • Exotic leather options
  • Several colors
  • MagSafe support
  • No alignment magnet
  • High cost

Rating: 4 out of 5

Where to buy

The Labodet leather MagSafe wallet starts at 250 Euros which converts to just about $300, but goes up to 400 Euros for the alligator, or about $500 U.S.

Socket Mobile’s SocketScan S550 Contactless Reader Achieves Google Wallet Certification

NEWARK, Calif., Nov. 18, 2020 /PRNewswire/ — Socket Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data capture and delivery solutions for enhanced productivity, announced today that the SocketScan S550 Contactless Membership Card Reader/Writer has passed the Google Wallet Certification process. 

Socket Mobile is a member of Google’s Smart Tap partner program, which lists certified providers of Smart Tap capable terminals. With Google Pay Smart Tap, mobile passes are stored in the Google Pay wallet, along with payment and transit cards. These passes use NFC technology to facilitate a secure, contactless transaction.  When deployed with a merchant application developed using Socket’s SDK, the S550 automatically selects the merchant’s mobile pass from the consumer’s Google Wallet.  The consumer activates the pass by tapping their phone on the S550.

Mobile passes are virtualized evolutions of physical cards that are managed by the consumer in their digital wallet.  Just like physical cards, mobile passes can be branded and made to support specific use cases. Unlike physical cards, with mobile passes the consumer performs ID verification on their own phone (which facilitates social distancing). This allows the merchant to deliver experiences on the consumer’s phone without needing a merchant-specific app.

Mobile pass creation via Google provides pass types for loyalty programs, membership cards, event tickets, coupons/offers, and check-in/checkout.  The end-user tapping experience is similar to the Google Pay process. However, instead of interacting with the payment process, the end-user’s device interacts with the vast ecosystem infrastructure of Google Smart Tap, enabling organizations and companies to deliver exceptional user experiences through various applications.

Socket Mobile’s focus is loyalty cards, memberships, and other customer-related services. The S550 was designed to address the needs of these markets. As a mobile-phone agnostic device, it is a versatile, fast and convenient solution; the S550 pairs this smooth end-user experience with a high level of security by capturing a cryptographically generated payload from the mobile pass, then transmitting this payload over secure Bluetooth to a device running a connected application.

“The S550 delivers an engaging, contactless, and frictionless experience for your customers and guests using mobile passes.  The Capture SDK provides our developers with the tools to use the magic of the Google Wallet eco-system.  We’re excited to be at the forefront of these new mobile pass capabilities and their ability to improve customer experiences,” said Vince Coli, Staff Director, Technical Product Marketing.

Socket’s Capture SDK enables its app developer community to build connected apps using the S550 to unite this ecosystem. Socket Mobile Nice2CU application, available via the Apple app store (and soon as open source on GitHub), is a simple membership check-in/ checkout app demonstrating the power and potential capabilities of the solution. Following the “enroll new user” in the Nice2CU app automatically provides the pass appropriate for the wallet on the user’s phone, be it Apple or Google.

The S550 contactless reader reads most NFC cards as well as mobile passes.

In addition, it supports tags from NFC Forum, NXP, STMicro, Mifare and much more.

The S550 works with Android, iOS and Windows® Bluetooth-enabled host devices and can be fully integrated and controlled by an Android, iOS or Windows application.

The SocketScan S550 is available now for developers at

The S550 will be available to the public on December 1, 2020, with an MSRP of $269.

For more information, check our store at:

About Socket Mobile:
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless reader/writers. Specifically, Socket Mobile’s revenue is driven by mobile applications servicing the specialty retailer, field service, transportation, and manufacturing markets. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Newark, Calif. and can be reached at +1-510-933-3000 or  Follow Socket Mobile on , Twitter and on our

Media Contact: [email protected]

SOURCE Socket Mobile, Inc.

Related Links

Paiblock: Replace Your Leather Wallet with A Digital Wallet. 

One of the most emerging use in the past few years has been the rise of digital wallets. These little applications on mobiles store a record of money that is transferred to there and can be used by the mobile and wallet owner to transfer money in different scenarios, such as buying groceries or paying utility bills.

This essentially means that users do not have to carry around bulky wallets anymore. No worries of loose change, coins or even making sure that you do not forget it at home when you go out. All over the world, micro banking and digital wallet firms are introducing people to the ease of digital transacting from small to large amounts of money, all from the comfort of their mobile devices.

Limitations of Mobile Wallets

Great as they are, mobile wallets are limited in functionality. Several legal, technological and even down right ignorance leads to the digital wallets lacking in features that lead to failure of using the full potential of the wallet application:

  • Single Currency: Most e-wallets are designed by firms and companies to cater for only the country of origin. This means that only the national currency is only supported. For a person who travels or needs to visit another country, he or she will be either forced to go back to traditional physical wallets to hold the other country’s currency, or download a separate wallet.
  • Only Fiat or Crypto: Depending on the type of e-wallet, it will either support traditional currencies such as Dollars and Euros (fiat) or be a blockchain powered app that holds and transfers cryptocurrencies. With cryptocurrencies proving their weight and worth these days, it is not surprising that many people around the world hold both crypto and fiat, ultimately leading towards them having multiple wallets to support their currencies.
  • Limited Services: To fuel adoption, many wallet designers collaborate with other service providers and firms to offer discounts or ease of procurement for the wallet user. Not every service provider comes on board and that means the services that users really want may not even support the wallet in the first place, leading to the wallet being nothing more than a fancy application.
  • Lacking True Loyalty: Many firms do not understand the concept of loyalty. Confused between the willingness of a consumer to feel attached to their service or simply buying because that’s what the user normally does, loyalty programs are not designed to give incentives to loyal customers, but those who have a good spending habit.
  • Only Money: There are many wallet applications all over the world, good and bad. But they all have one thing in common. They only have money. A physical wallet holds more than just that. An average person has identification documents, driving license, debit and credit cards, loyalty cards, gym membership card etc. For these documents, a physical wallet is still needed, defeating the purpose of a digital wallet. A True Digital Wallet

Paiblock is a digital wallet that is a complete wallet in a true sense. Designed from the ground up to replace your leather wallet, the Paiblock wallet comes with a number of features that makes it the perfect digital alternative:

  • Personal Wallet: Store your personal cards such as payment cards, tickets, invoices and loyalty cards. Even your gym membership card can be digitally stored here.
  • Citizen Wallet: Gone are the days of keeping government issued identification documents in a physical form. Users of Paiblock can save a digital version of their ID cards, driving license, resident permits, passports and a lot more in the wallet. Going on a trip overseas? No need to carry so many documents. Just let the customs officer have a look at your mobile based passport and visa.
  • Xchange: Of Course, what use is a wallet without the ability to send and receive money? With the Xchange, not only you can send and receive fiat and cryptocurrencies, but have the ability to exchange your digital assets too.
  • AI and Cashback: Using advanced artificial intelligence, Paiblock gives users the best options of saving their money through their Cashback digital loyalty card that can be used all over the world.
  • In App Banking: Paiblock has recently launched its In App Banking services. The wallet supports a number of banks across different countries. This gives Paiblock users the ability to have complete control of their different accounts, banks and currencies from the comfort of a single mobile app. The free version lets a user control a single bank account with the ability to send and receive money, while the top of the line Elite package gives multiple bank accounts, wire transfers, advanced analytics and even a personal assistant.

Paiblock is a blockchain powered, Danish based all utility wallet that has the perfect blend of utility and ease of use to create a powerful application fully capable of replacing a leather based physical wallet.

Very First Croatian Mobile Wallet Launched

Aircash: Very First Croatian Mobile Wallet Launched


Croatia is a paradoxical country at times. It boasts an outdated, draconian system that likes to throw obstacles wrapped in red tape in the path of success for entrepreneuers and their ideas, leading many of them to either give up or go elsewhere to operate under a different flag, but yet, so many startups and so much success can be found here in spite of an unfriendly and self-limiting system. Meet Aircash.

This impressive Croatian startup, Aircash, has 40,000 users and is already hot on the heels of the likes of Keks Pay and Revolut.

As Poslovni Dnevnik/Bernard Ivezic writes on the 10th of November, 2019, Aircash is the first Croatian fintech to launch its own mobile wallet. So far, mobile applications (apps) that allow you to replace your physical wallet with your mobile phone and thus pay that way were only offered by actual banks – Erste bank with KEKS Pay, Zagrebačka banka with Telekom Banking and mZaba, then come the likes of Revolut and Monesa.

Aircash is a little bit different from them all, in the sense that it isn’t a bank but a new type of financial institution in itself. The Croatian National Bank (CNB/HNB) has now also granted it a full EU license for electronic money.

So far, only three companies have managed to ”get their hands” on such a license: HT, PBZ Card and Erste Card Club. In addition to the first major regulatory success for a Croatian fintech, Aircash has also gained market success. The Aircash mobile app already has 40,000 users and is the third most popular fintech app in all of Croatia. For the sake of comparison, Keks Pay has 62,000 users and Revolut has 50,000 users, meaning Aircash is definitely on the right path.

Hrvoje Ćosić, the founder and director of Aircash, says they have been building their market position for just over two years now. In mid-2018, they had 15,000 users and a weekly turnover of 250,000 kuna in total.

“We now have 40,000 active users and 48,000 people have downloaded the app, while the traffic we worked with on a weekly basis last year is now our daily traffic and both indicators are growing,” Ćosić says.

Make sure to follow our dedicated business and Made in Croatia pages for much more.

Why The U.S. Still Lags Behind China In Mobile Wallet Adoption

The U.S. is falling behind much of Asia – especially China – when it comes to mobile wallet adoption, and the gap is growing wider. According to recent statistics,
less than a quarter
of Americans have embraced mobile wallets, compared to
nearly half of the Chinese population
. The failure to make mobile payments mainstream in the U.S. isn’t for lack of trying; Apple Pay, Google Pay, Square, and others have spent billions on customer acquisition with little success, even though the overwhelming majority of Americans could benefit from switching to mobile wallets – especially if making that switch meant giving up their credit cards.

Mobile wallets are generally much safer and more secure than other forms of payment. Cash can be lost or stolen with no recourse and its cost to produce and manage is a growing concern. Credit cards are susceptible to fraud, difficult to use internationally, and their incentives are disadvantageous to most consumers. 

China is rapidly becoming a global leader in technological innovation, but that alone doesn’t explain its success with mobile payments compared to the U.S. Clearly there are other factors at play; many are deep-seated cultural differences that have little to do with technology. After working on my own mobile wallet for small businesses, I’ve seen that recognizing and understanding these distinctions is the best shot American companies have at making mobile payments the status quo. Here are five key considerations.

1. Credit Card Penetration 

Americans, particularly millennials, are easily seduced into signing up for credit cards, especially those offering rewards. Around 57% of Americans have at least one rewards card, but only 41% pay their balance in full each month. That means they’re paying about 17% interest to receive about 2% cash back. An estimated 55% of American credit card holders carry debt; 10% owe $5,000 or more. Only those who can afford to pay their balances off every month actually benefit from credit card rewards. 

The Chinese, on the other hand, are not prolific credit card users. In fact, many have bypassed credit cards entirely, opting to switch from cash to mobile wallets that essentially act like debit cards. The concept is simple: spend what you have and avoid borrowing unless absolutely necessary.

2. Design Complexity

One mobile payment system that has caught on in the U.S. is the Starbucks app, which lets users pay from their prepaid accounts with the swipe of a simple QR code. The more complicated a mobile payment platform’s design is, the less likely it is to gain mainstream adoption. While many failed U.S. mobile payment platforms over-complicated their designs with radio-frequency identification (RFID) and near field communication (NFC) technology, the Chinese have made things simple with QR codes that are fast and easy to use.  

3. Platform Competition

Almost all mobile transactions in China are completed over WeChat Pay or Alipay. In the U.S., multiple competing platforms that are specific to either Apple or Android aren’t conducive to unanimity. Consumers want a unified experience that is widespread and dependable. When companies compete at the expense of consumer needs, people are less willing to sign on to any platform – even those that work with their devices. A mobile wallet must be platform agnostic to succeed in the U.S. and globally. 

4. Privacy Concerns

Mobile payment platforms that act as proxies to users’ checking accounts and require multi-factor authentication are safer than tangible credit cards that can be lost or stolen and used without any authentication. Yet only 12% of Americans trust mobile payment applications. Furthermore, only 25% of Americans are willing to share data with web and mobile applications for increased convenience and customization, while 38% of Chinese consumers are amenable to sharing data.

5. Risk Aversion

Despite a relative disinterest in credit cards, other recent social and technological innovations suggest the Chinese may be less risk-averse than Americans. China’s social credit system coupled with its widely deployed facial recognition technology is considered “dystopian” by many Americans who believe the risk isn’t worth the reward. But the fact remains that China is pursuing technological innovations in all facets of society much faster than the U.S. 

If mobile wallets become an American staple, they will do so alongside a significant culture shift away from our infatuation with credit cards and fear of technology. As China continues to surge in innovation and Americans mount more credit card debt, that shift becomes more likely every day.