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The Digital Wallet's Future Is Now

Aside from Square and PayPal Here, there are plenty of other companies competing for proximity-based payments, as the mobile payment pie continues to grow. This includes companies like Intuit's (INTU) GoPayment, PayAnywhere, as well as Visa and MasterCard.

The mobile payment story is altering the way people do business, whether it's the everyday person or established retailers, says PayAnywhere CEO Marc Gardner, citing the availability and affordability of mobile devices.

"The real revenue and sea change isn't in enabling the guy down the street having a garage sale to process credit cards; it's in the real established merchants and retailers, and how we will meet their needs with smart mobile solutions that are enterprise-ready but still simple and easy to use," Gardner explained, via email. PayAnywhere charges 2.69% per transaction rate, compared to Square's 2.75%.

Even telecom companies like AT&T (T) and Verizon (VZ) are getting into the space, as can be seen in their Isis joint venture. According to its Web site, Isis is coming this summer.

Late last year, there was even a spat between Verizon and Google (GOOG - Get Report) over Galaxy Nexus smartphones which included Google's Wallet for mobile payments.

The one name that everyone's watching, though, is Apple, and it looks like the iPhone maker's entering the mobile payment space with its new iOS 6 operating system.
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