In its first year, Apple Pay tumed out to be less successful than Apple and many other observors had expected. According to Evans and Schmalensee, this was partly because consumers wereand partly because merchants were Onot particularly dissatisfied with plastic cards, slow to install EMV terminals after the October 2015 liability shift O subject to an extra fee on each transaction, slow to install EMV terminals after the October 2015 liability shift O not particularly dissatisfied with plastic cards, subject to an extra fee on each transaction O subject to an extra fee on each transaction; lacking any other reason to install terminals capable of taking NFC QUESTION Which of the following are ways that Near-Field Communications (NFC) and Host-Card Emulation (HCE) are different as mobile payment technologies. 1. NFC stores the payer's payments information on the phone, while HCE stores it in the cloud 2. NFC is used for proximity mobile payments, while HCE is used for remote mobile payments. 3. NFC payments can only be accepted with a POS terminal, while HCE payments can only be accepted with a mobile phone or tablet 1 and 3 1 ony 2 and 3 2 only