Apple and Google would claim the top spots in the mobile wallet market, taking away business from carriers that offer similar services such as AT&T, Verizon Wireless, and Vodafone. Mobile wallets allow the consumers to pay for goods with their smartphones.
Most of the mobile wallets use near-field communications technology but they are still in the early development stages. Isis, which is the mobile payment venture of AT&T, T-Mobile, and Verizon spent several millions to develop, would not roll out until 2012.
Analysts predict that NFC-based mobile wallet users would increase to 594 million by 2016. Carriers and platform makers such as Microsoft, Google, RIM and Apple would come out with NFC-capable mobile phones across the globe. Merchants would offer deals so that consumers would use the mobile wallet services. Carriers would provide 75 percent of the NFC-based mobile wallets in 2012 but Apple and Google would bring it down to 63 percent by 2016.
At present, Google Wallet allows consumers in San Francisco and New York City to pay for goods at retailers by tapping their smartphones against check-out terminals. Google Wallet is only supported by Sprint’s Samsung Nexus S smartphones but it would be available on more smartphones and more retailers would use it by the end of 2012.