Mobile payments are growing rapidly. According to researchers, mobile payments totaled more than $52 billion in 2014 and expected to grow to more than $142 billion by 2019. Apple, Google, eBay’s PayPal and many others are competing to capture those who are using smartphones and other mobile devices to make purchase. Apple and Google also are the two main players that dominate the mobile payment software.
No wonder why they are getting ready to battle with each other. According to some published reports Google is getting ready to unveil a whole new mobile payment system update to the existing. According to unnamed sources, changes include Android Pay which will allow businesses to accept credit card payments within their apps. Many expect big announcement from Apple Pay at the upcoming Apple’s software conference. It may include a reward program too. Started in October 2014, Apple Pay has several credit card companies and many retailers signed up for it.
Google Wallet is a powerful mobile commerce player. Expected changes to the app will allow customers to send money from their debit account to pay each other not just only to the store, a big advancement in the payment system.