The Mobile Wallet Market Hots Up

The mobile wallet concept or the option of paying through your mobile has not taken the World by storm as yet. At this stage, it remains a niche market still discovering the best way to attract customers. In-spite of not being as huge as the credit card market, the transaction volume numbers are pretty impressive.

Various merchants, banks, service providers, technology companies, handset makers are all involved in the process of a mobile payment, which automatically brings a huge user base to tap into. The challenges that are stalling the industry are to be put forward in the upcoming mobile congress in Barcelona, Spain. The biggies that are set to make waves are Google Visa and eBay backed by PayPal. There are other small newbies such as Boku that has made an entry recently and has tied up with MasterCard.

AT&T Mobility, T-Mobile USA and Verizon Wireless are all coming together to form New-York based Isis, which is set to spar with Google Wallet to rule the mobile payment market. To its credit Isis has bought major players like Chase, Capital One and Barclaycard on board for their customers to place their credit, debit and prepaid cards into the Isis Mobile Wallet. The service is set to roll out in the middle of 2012. Their plan to launch with a bang has been pretty apparent when they tied-up with U.S. payment networks: Visa, MasterCard, Discover and American Express in July, 2011.

 

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