Mobile wallet competition heats up

A mountain of issues must be solved before mobile payments take off in a major way, not the least of which is the very real challenge of getting consumers accustomed to paying with cash or plastic to buy into the idea.

Merchants, banks and other financial institutions, wireless providers, handset makers, and technology infrastructure companies all have to come together. Many of these companies are weighing in at Mobile World Congress this week, each tackling the problem from their own unique perspectives. Brand-name companies at the massive trade show include Google, Visa and eBay (PayPal). But there were also little known startups such as Boku, a venture-backed online mobile payments technology company that has just struck a deal with MasterCard.