The Future of Payment Processing: Apple Pay and Virtual Reality

Major companies like Apple (AAPL) - Get Report , Alphabet (GOOGL) - Get Report and Samsung (SSNLF) are battling it out for a slice of the highly lucrative mobile payments space. U.S. mobile payments totaled $8.71 billion in 2015 and spending is expected to rise to $27.05 billion in 2016, according to data from eMarketer. 'Apple Pay is one that's very prominent and everybody hears about it, followed by Android and Samsung,' said Guy Harris, President of Elavon North America, a payment provider and subsidiary of U.S. Bank. 'Over a period of time, your wallet will get replaced with your phone - how quickly that's going to take place is the interesting question that the industry is having to address.' TheStreet's Scott Gamm reports from Wall Street.