At the end of last year, MobileMarketingWatch predicted 2014 would see $8 billion spent on mobile advertising. According to their prediction, one of the key drivers of this expanding market would be the rise of the ‘digital wallet’.

In an age of widespread smartphone ownership, mobile transactions are the logical continuation of an increasingly cashless society. Convenient, secure and easily tracked, digital payments are now possible via a number of apps:

Google Wallet

Probably the best known digital wallet, Google’s app lets you pay for goods and services by waving or tapping your smartphone across a checkout reader which identifies credit card information linked to your Google account. Right now, it only works in the US with selected merchants, but more companies are adding the technology all the time. It even works with Google Glass. 

Apple’s Passbook

Apple’s take on the digital wallet was introduced to iOS 6. It relies on scanning 2D barcodes that help you manage anything from movie tickets to loyalty cards and coupons. Again, only a few merchants are accepting this form of transaction right now, and it’s not (yet) possible to sync it with your credit card, but as a convenient way of managing store accounts, Passbook takes some beating.

Square Wallet

The lesser known Square Wallet is available on both iOS and Android. The app links your credit card details to a fairly limited directory of merchants, and uses geo-location technology to charge you when you’re in store. A neat feature is the potential for purchasing in-store gift vouchers that can be sent to other Square Wallet users.

Chirpify

Chirpify turns your social media apps into payment systems using PayPal. It creates listings enabling you to sell items or start a fundraising project on Instagram or Twitter, all managed from a Chirpify dashboard.

Bump Pay

Just like the Bump app that lets you share photos between smartphones, Bump Pay is a free iPhone app that does exactly what it says on the tin: transfers (or ‘bumps’) money from one phone to another using a PayPal account.

Isis

Taking digital payments full circle, Isis comes with its very own cashcard, preloaded with $10. Compatible with NFC-enabled Androids, it lets you manage loyalty cards and redeem offers from selected merchants. Isis is also PIN-protected, and can be remotely frozen if your phone is stolen – perfect for security conscious digital wallet lovers.