Global financial groups battled to control the lucrative future of "mobile money", which will enable people to use a smartphone to go shopping instead of cash and credit cards.
MasterCard, Visa and online payments servicePayPal struggled for a slice of the industry as the world's biggest mobile fair, Mobile World Congress, opened in Barcelona, Spain.It is a market with potentially rich rewards.
The mobile money industry is expected to grow from $13.8 billion (10.4 billion euros) in 2013 to $278.9 billion by 2018, according to a study released this month by global research group MarketsandMarkets, which estimates there will be about 5.3 billion mobile phones worldwide this year.
The banking and credit card world had previously been nervous of the mobile money industry, said Magnus Rehle, senior partner at Greenwich Consulting.
"Now I would say that Visa and MasterCard are pushing payment via the mobile but they want to include their existing systems," he added.
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