FAMA recognizes that the payments industry is a highly competitive one. Players in the mobile wallet market include mobile platform providers such as Google and Apple; retailers and merchants such as Wal-Mart, Target, and Starbucks; payment providers such as Visa, Master Card, and Discover; mobile network operators such as Sprint, Verizon, and T-Mobile; banks such as U.S. Bank, Chase, and Bank of America; and software startups such as Square, Softcard, and Paypal. The global mobile wallet applications market includes mobile commerce, mobile ticketing, mobile coupons, mobile transfer, and micropayments. However, there are two main issues that are unaddressed by the current players in the market. First, mobile phones are multifunctional devices that allow for a variety of communication methods, from ubiquitous voice and SMS channels to more sophisticated software applications or web browsers. However, to be a viable solution for mobile money, the channel should ideally be universally available to every type of mobile phone as well as secure. In the United States, all services are solely smartphone based and cannot be accessed through all phones. Secondly, there have been a number of players such as Apple, softcard, Google, and PayPal, in the market finding nominal success with their mobile wallet applications. However, with consumer adoption expansion, it will be important to offer a more valuable wallet with more functionality, personalization and integration without compromising security.