Instead of swiping a plastic card at the checkout counter, consumers would merely wave their phones.
There’s just one hitch: While the technology is already being installed in millions of phones — and is used overseas — wide adoption of the so-called mobile wallets is being slowed by a major behind-the-scenes battle among corporate giants.
Mobile phone carriers, banks, credit card issuers, payment networks and technology companies are all vying to control these wallets. But first, they need to sort out what role each will play and how each will get paid.
The stakes are enormous because small, hidden fees that are generated every time consumers swipe their cards add up to tens of billions of dollars annually in the United States alone.
“It all comes down to who gets paid and who makes money,” said Drew Sievers, chief executive of mFoundry, which makes mobile payment software for merchants and banks. “You have banks competing with carriers competing with Apple and Google, and it’s pretty much a goat rodeo until someone sorts it out.”


Leandro Cantoni (from The New York Times).