Digital Wallet Technology Development at Visa and MasterCard

The U.S. cellphone industry recently held its industry trade show in New Orleans. Numerous companies debuted their ideas about digital wallets. Many experts believe that cellphones will become the main way consumers pay for purchases in the future. However, there is little agreement on exactly how that will happen. A digital wallet is a virtual repository for a consumer’s credit and debit cards, along with receipts and coupons.

Google debuted their digital wallet last year. It is available on some smartphones and can be tapped against certain payment terminals. However, there are not a lot of Near Field Communication terminals yet in use in the United States. Many companies like Visa and Mastercard are waiting to see if they want to enable NFC with their own digital wallets.

Many phone companies are also interested in creating digital wallets. Sprint is currently partnering with Google and the other four big carriers are joining together to create their own wallet.