Fight expected over digital wallet frontier
Two of the biggest players in the emerging world of so-called mobile wallet technology are likely to clash for market supremacy in the near future.
Google and Visa are both planning mobile wallet systems that will allow consumers to make credit or debit card purchases on with certain smartphones, and while the companies officially say they’re not necessarily competitors, they’re almost certain to spar for adoption, according to a report from CNET. Google’s payment system could launch by the end of the summer, while Visa’s will be released at an as-yet-undetermined point in the fall.
“Banks will be an important distribution channel for the digital wallets,” Bill Gajda, head of Visa Mobile Global, told the tech news site. “So that’s why we will first target these online customers by providing one-click shopping. And then we’ll promote NFC.”
Many experts believe that the mobile credit card payment industry will become massively popular within the next few years, with some estimates showing it could climb to an annual value of more than $44 billion by 2015.