Americans who travel to China will find one thing somewhat unusual: In restaurants, stores and markets, people will take out their phones instead of credit cards when they’re ready to pay.

Despite all the buzz and excitement, mobile payment in stores still hasn’t gained much steam in the U.S. Mobile transactions barely accounted for $1 out of every $100 spent in-stores last year, according to a new report by 451 Research, a New York-based advisory company.

And analysts don’t expect mobile payment usage to rise anytime soon — the percentage is expected to reach just 3.4% by 2022. An eMarketer report highlights the gap between the U.S. and China: This year, 25.3% of smartphone users in the U.S. are expected to pay for physical purchases by phone, compared with an estimated 77.5% in China.

Why does the U.S., which has a high penetration of smartphones and a well-developed financial system, lag when it comes to mobile payments?

Many merchants are open to mobile payments, which could help them speed up the checkout line and make the shopping experience more seamless for customers. Apple (AAPL) says that Apple Pay is accepted at half of the merchants in the U.S., a huge jump from 3% in 2014.

Acceptance rate is rising, but incentives to switch to mobile is low

But most users aren’t fans of mobile payment apps and mobile wallets like Apple Pay. According to Gallup, a consumer in the U.S. has an average of 3.4 credit cards. Longtime credit card users don’t necessarily see the benefits of switching to mobile and most mobile payment apps are still in the nascent stage.

“Mobile wallets today are basically just your payment card,” Jordan McKee, a principal analyst of payments at 451 Research, told Yahoo Finance. “There may be some convenience to storing cards on your smartphone for certain occasions, but I don’t think it’s a value proposition that appeals to shoppers of all types and varieties.”

Security and privacy concerns also dissuade people to turn their smartphones into wallets. In a February 2018 survey by market researcher CivicScience, 47% of respondents cite security fears as the leading hindrance to adopting mobile payments and 15% said personal privacy was their main concern.

Consumers in China and India basically skip credit cards and checks. They use their smartphones to make payments. According to eMarketer, the U.S. has about one-tenth of the mobile payment users in China, where major mobile payment providers offer benefits to encourage consumers who pay by phone. Chinese e-commerce giant Alibaba’s (BABA) affiliate Alipay, for example, offers 10% off for Chinese tourists when they shop and use the app in Coach stores in New York City.