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Google, Apple to Grasp Majority of Mobile Wallet Share?

Google and Apple will triumph over mobile companies in the emerging mobile payments market, it has been declared.

According to a new report released by ABI Research, mobile phone carriers will have gained 75 percent of mobile wallet market by 2012 but, their share would be eaten away to 63 percent by Apple and Google by 2016 reports eWeek.

As of now, many wireless carriers including AT&T, Verizon and T-Mobile are in the early stages of developing a mobile payments system in partnership with credit and debit card providers while here in the UK, Vodafone is also preparing to launch its own mobile wallets service.

Meanwhile, Google has launched its Google Wallet service in San Francisco and New York City in the US, allowing users to make payments via NFC enabled smartphones. Google plans to integrate Wallet with its daily deals platform, Google Offers, to create a payment/deals ecosystem.

The company will tie up with mobile carriers selling Android devices for its mobile payment service.

As of now, the number of smartphones that come with NFC is limited, the technology is said to become a standard feature in all smartphones starting 2012.