Mobile Wallet Future is Google and Apple
According to ABI Research, the current market leaders in mobile wallets have strong competition succeeding to take their market share. The current leaders in mobile wallets are Verizon Wireless, AT&T, and Vodafone.
Mobile wallets include any system that a consumer uses to pay for goods with a smart-phone. Many mobile wallets use near-field communications (NFC) technology. Isis won't launch until 2012 and is an joint venture with AT&T, Verizon and T-Mobile.
ABI Research expects mobile wallet users to grow in number to 594 million by 2016. It expects that the cell-phone carriers and Google, Apple, Microsoft, and Research in Motion will inundate the mobile wallet market with NFC-capable mobile phones in the United States, Western Europe, Japan and South Korea.
Google Wallet currently lets users in San Francisco and New York City purchase and pay for goods at retailers such as Macy's and Toys R Us.
Apple, which has yet to officially launch a mobile wallet services, is rumored to be readying its phones with payment-making NFC sensors and software in 2012.
ABI Research finally concludes that the brick and mortar banking institutions may be left out in the cold in this new money exchanging system.