Mobile wallets unlikely to become standard soon

The concept of a mobile wallet – loading credit card information onto a chip embedded in a smartphone and using it to make purchases – is likely being constrained because the numerous industries involved cannot figure out a way to make it work for them financially, according to a report from the New York Times. For example, every industry involved in the process, from smartphone manufacturers and cellphone service providers to banks and credit networks, want to capitalize on the new technology.

However, industry experts think it’s unlikely that anything will be sorted out until the two largest smartphone companies, Apple and Google, set an industry-wide standard, the report said.

While Google’s latest Android operating system allows for near-field communication chips, it currently does not manufacture phones that support the mobile wallet system. Similarly, Apple’s iPhone 5 is rumored not to include it either.