NEW YORK ( TheStreet) -- Mobile payments -- destined to be a key component of the evolving "digital wallet" -- have the potential to transform the way consumers pay for items, and battle lines in the war for market share are already being drawn.
The Wall Street Journal reported on Tuesday that Verizon Wireless, a joint venture of Verizon (VZ - Get Report) and Vodafone (VOD), has asked Google (GOOG - Get Report) to not include its payment app, Google Wallet, on the Galaxy Nexus smartphone for security reasons.
|Verizon strikes a blow in the mobile payment wars by asking Google to not include Google Wallet on the new Galaxy Nexus.|
Verizon Wireless spokesman Jeffrey Nelson said in an emailed statement that Google Wallet does not access the operating system and basic hardware of Verizon's phones. Once Google Wallet is "integrated into a new, secure and proprietary hardware element," then it will be included.
According to data from Ernst & Young, mobile payments are expected to be big business in the coming years with the market reaching $245 billion by 2014. The shift is coming rapidly, as payment methods are mover away from using credit cards, debit cards and cash to using smartphones.More and more retailers have begun to accept mobile payments, with companies such as Starbucks (SBUX) and Peet's Coffee & Tea (PEET) being at the forefront of the movement. The retailers hope that they will be able save time and money by having customers move towards mobile payments. Here is a list of five key players who look positioned to benefit from increased adoption of mobile payment technology.