Banks and cell phone makers are tripping over themselves to put new methods of payments into consumer's hands. Apple Pay, Samsung Pay, Android Pay, etc, are ways to have your credit card information put into smartphones and allow payments wirelessly at terminals at merchant's checkout spots.
It seems very convenient, and most everyone has or will have a smartphone that will have the capability to use it. Win win? No, not really.
If news reports are to be believed, the U.S, government has been able to crack into a cellphone to retrieve data that it believes it needs. It was not the latest generation of smartphones, but still, they have apparently exploited a vulnerability that allows the government, or anyone with access to the method of cracking the encryption, access to private data.
Why would banks, merchants, or consumers welcome the adoption of any payment method that requires inputting credit card information into crackable smartphones?
It makes no sense at all.