As smartphone based transactions take off at breakneck speed, everyone is trying to hop aboard.

The speed with which mobile payments services are growing and are becoming accepted have now made it clear to most large banks that if they want to be able to remain relevant into the future, they will need to be able to offer their customers the ability to pay for goods and services through the use of smartphones.

Many telecoms and credit card companies are also hopping on board this massive trend.

Even retailers are starting to come up with their own opportunities to hop onto the mobile payments bandwagon and are coming up with their own unique strategies. As the shift toward smartphones as a platform continues, a growing number of companies from massive international giants to small mobile app development startups are trying to turn themselves into important players in this sector.

As mobile payments adoption becomes more common, the competition for those positions is growing.

In fact, it has already reached the point that solutions providers are trying virtually anything to carve out their share of this market, and to continue clawing to broaden that share. Unfortunately, as this continues to occur at an increasingly rapid rate, it is also causing this particular market to fragment. The technology as a whole is owned by many groups and within each group there is a flood of different players. Every one of them is looking to dominate as opposed to creating a consistent experience overall.

The result has been the development of what David Sear, Weve managing director, called a “mess”. He pointed out that “It is confusing for people and for banks, as well as being costly all round.” He explained that scalability is critical in order to make this market work. While it is currently questionable whether the situation is contributing to bank revenues in any way, it is undoubted that these institutions must hang onto it, regardless, in order to succeed in the future.

This fact makes the future of mobile payments extremely hard to predict. The form of it, at the moment, suggests that it will only continue to become more muddied and complex before it has the ability to improve.

The latest rumor is that the South Korean device manufacturer will build the competition for the iWatch for the tech giant.

Recent news published in The Wall Street Journal has revealed that Google is on its way to creating smartwatches, and that it is LG that is the company behind their manufacture.

This will considerably expand the hardware partnership between Google and LG.

The news publication said that it obtained the information about the Google smartwatches in Barcelona, through a “person familiar with the situation”. This will bring both industry giants into the wearable technology domain in a tremendous way. That said, LG may not be the only manufacturer that will be involved in making the wrist worn devices.

It might be that the Google smartwatches will use a strategy similar to that used for its Nexus devices.

Google’s Nexus tablets and smartphones draw hardware from more than one company. It wouldn’t be unheard of for it to do the same for its wearable tech, as well. None of this will be revealed for certain until some point in March, when it is rumored – according to CNET – that Google will be unveiling the operating system. That said, the actual reveal for the mobile devices, themselves, will likely not be until June at their I/O conference.

Similar details have been showing up online in many places that have been accurate with their predictions in the past.

This is not the first that the world has heard of a smartwatch device from Google. Reports began to make their way into the mainstream press last October, when they were saying that these gadgets could be unveiled within the upcoming months.

Other predictions that are being made about these wearable tech gadgets are that they will help to place a more powerful focus on glanceable information and on Google Now. However, at this point in the game, very little else is known about what the device will entail. Once Google does make its entry into the market, it will have competition from other smartwatches that are already on their way to establishing themselves, such as Galaxy Gear and Pebble, as well as the rumored iWatch from Apple.