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Visa Europe (NYSE:V) has announced its latest person-to-person payments application for Android users that permits mobile owners send money to all Visa card owners over their smartphones, with protection determines in place to aware users of promising fraud.

Google have collaborated with mobile carriers, payment networks, banks and retailers to design Android Pay. Android Pay is a way to make payments using your Android smartphone with a tap in stores or online. It's an open platform that Google wants to keep developing to deliver more choice and flexibility to users.

Coin, a startup out of California, has announced their first product: an all-in-one credit card payment system that will let the user switch which credit card or account they want to use at any given time.

Paypal has announced that they have acquired Braintree, a mobile payment startup, for $800 million. It is their first real bit of progress in nailing down the mobile pay market, an area they have so far failed to break into.

"Rumours are spreading that Google is planning to launch its Google Wallet wireless payment system in the UK, just in time for the 2012 Olympics. Introduced back in May, Google Wallet remains a US-only service, however the French newspaper Les Echos says Google is opening up its Wallet for a trial in London."

"Interweb payment types PayPal have published a report that reckons people will switch to paying for things using their smartphone rather than a bank card in 2016."

Facebook has announced that they will be testing out a new mobile payment service that could act as a potential alternative to financial banking system PayPal.

The Google Wallet is the latest wave and online payment mode from Google will permit the Nexus Prime consumers to pay online shopping bills using Google Wallet app and NFC.

Google Wallet is an online payment mode, which works extremely easy for consumers. There is a chip integrated in the mobile devices that exploits NFC technology, which permits for protected online transaction and communication.