NEW ORLEANS – A Visa executive at the International CTIA Wireless 2012 conference said that there is no doubt that in the near future digital wallet services will fundamentally transform commerce and change the way consumers pay for goods and services.

Will Generation Y ever know anything other than a mobile device as a means of purchasing? The future of mobile payment systems is promising – or threatening – to revolutionize the way we buy goods and services.

Reports suggesting that Google is rethinking its Google Wallet are based on revelations that two executives recently departed the project and that the search giant is scrambling to sign deals with wireless carriers to offer its mobile wallet. However, at least one analyst says Google Wallet is on track with where it should be.

Following last week’s agreements with several major financial institutions, mobile payments solution Isis has now added support from several point-of-sale device manufacturers, a key step to bringing the Isis mobile wallet into retail locations.

Chase, Capital One and Barclaycard are the first banks to enable their credit, debit and prepaid cards to be placed into the Isis Mobile Wallet.

The mobile industry let out a big “oops” this week when flaws were exposed in mobile applications from Google and Citi that put consumers at risk, suggesting that the rush to be first in mobile payments and mobile banking may come with a price.

Although pundits debate trading the cowhide wallet for the phone, the 2011 consumer has already more than one wallet. Every time we store a credit card on a Web site, we are creating a new wallet and a new check-out relationship.

With the launch of Amazon’s new Android tablet, will the retailer’s signature one-click checkout meet portable desire and allow for an optimal commerce experience for the impulse shopper on the go?

Google is releasing the first version of its Google Wallet app to Sprint Nexus S 4G phones and offering a $10 free bonus to users who sign up before the end of the year.

Chicago merchants Swirlz Cupcakes, Green Genees and Lincoln Park Massage are among the local business letting customers receive offers and redeem rewards via a mobile wallet application.