The mobile wallet is here to stay and the pace of innovation will only accelerate.
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An array of technology companies is getting into the business of the mobile wallet, helping make your money mobile as cash becomes digitized.
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And while Apple has not addressed the NFC or the mobile wallet opportunity, Apple does now have 435M iTunes accounts with one-click purchasing which still makes it a heavy-weight contender in mobile payments when it decides to move.
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Though the app is considered (and called) the ISIS mobile wallet, ISIS will not handle payment transactions.
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Since Google launched the first mobile wallet app a few weeks ago, I have been pondering how this innovation may change our lives.
That should bode well for the security of ISIS mobile wallet transactions but it appears to shut the carriers out of the lucrative business of mining purchase data to direct personalized marketing and advertising offers to users.
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The other major mobile wallet contenders, like Isis and PayPal, are playing catch up in more closely aligning themselves with merchants and consumers than with their own stakeholders.
Instead of competing with the various mWallets with our own mobile wallet, P2P provides the clearing and settlement BETWEEN all the various proprietary mWallets.
As per typical Japanese mobile phone, the usual NFC (with Osaifu-Keitai mobile wallet), 1seg TV tuner and infrared are also packed inside the 9.7mm-thick, 147g-heavy waterproof (IPX5 and IPX7) and dustproof (IP5X) body.
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He texts back to book the time he wants and gets a reply back with the reference number he needs to pay for the ticket via his mobile wallet.
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In addition, two technologies that aim to turn the smartphone into a wallet, NFC payment and mobile over the air (OTA) payment still face consumer and merchant adoption challenges.
Apple might have legitimized mobile payments by including an NFC chip and, with its singular simplicity, helped to mainstream the long talked-about mobile wallet.
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Well, your mobile wallet will replace the paper receipts with digital ones that you can archive and never lose, even if you lose your phone.
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Whether for shopping or paying, mobile phones have become the new wallet, replacing checks and plastics as the easier, faster and more portable way to connect and transact.
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Google Wallet is the first mobile payments service to really show promise in adding capabilities like the above on top of a base payment platform by bringing their ecosystem of local services like Google Places and Offers into the fold.
The takeaway from all this is that mobile shopping only strengthens the competition for share-of-wallet.
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Complicating these negotiations is the fact that Visa also has its own mobile wallet ambitions.
The result in turn is a range of mobile wallet payment systems in Austria, France, Turkey and elsewhere.
Sprint has created an explanatory website for Mobile Wallet and wants to preload the feature on Sprint smartphones this year.
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Last week Barclaycard and Orange announced that credit or debit card holders from all UK banks would be able to load money onto Barclaycard's mobile payments application, in the Quick Tap wallet.
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Leveraging our peer-to-peer technology we became the central hub linking the many banks and THEIR proprietary mobile wallets to the trusted payment delivery agents to solve the looming inter-wallet communication nightmare ahead of time.
The company is in prime position to gain from the expected growth in transactions through mobile phones, as it has ties with both Isis and Google Wallet, the main players in this domain.
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The new option for mobile apps to tap into Google Wallet was welcome news to Guy Goldstein, CEO of Pageonce Inc.
In the process of gathering somewhat innocent behavior data, mobile wallet projects will also gather card numbers, personal identities, spending data and other sensitive information.
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Right on schedule, the coffee giant is now accepting payments at 7, 000 stores nationwide using Square Wallet, allowing customers to pay using the mobile application.
"Google Wallet allows us to harness the power of mobile technology to enhance our in-store shopping experience and helps bridge the gap between our online and in-store consumer interactions, " said Martine Reardon, executive vice-president of marketing and advertising, Macy's.
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Google knows this and knows it can embed a mobile banking chip of its own in many of its Android-sponsored handsets or it can ask Motorola, the company it has bought awaiting DOJ approval, to build its phones with the necessary separate Google Wallet microchip to enable fully secure mobile banking.
Dubbed SKiP, the service relies on Osaifu-Keitai (literally "wallet mobile") technology developed by comms giant NTT.
Goldstein would not get into details but says the company is focusing on taking its existing service and moving it towards mobile wallet-type features.
Then, as the retailer uses the tablet to tell you what to pay, you will use your mobile wallet to decide how to pay.
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