Could electronic wallets become as common as cellphones? Paypal and Google sure hope so. The two companies see a future where you walk into a store and simply use your smartphone to pay. But competition is growing. Now MasterCard says it will start charging a controversial fee to some e-wallet companies that want to run MasterCard transactions. But the card company isn’t stopping there. They are also developing an e-wallet of their own.

Ed McLaughlin, chief emerging payments officer for Mastercard, joins Marketplace Tech host David Brancaccio to discuss MasterCard’s strategy for staying relevant in the mobile age.