07/06/2012 04:10 pm ET | Updated Sep 05, 2012

WATCH: 60 Seconds of Social Media

Are you ready to ditch your wallet and pay with your smartphone?

Gartner Research is predicting a global mobile transaction market worth $617 billion with 448 million users by the year 2016, and that has some big names in tech and media racing to be the standard-bearer in the burgeoning digital wallet platform field.

Will it be Square, co-founded by Twitter's Jack Dorsey (with funding from Virgin billionaire Richard Branson)? E-commerce heavyweight Paypal? Google Wallet? Or the not-yet-launched Isis, backed by major telecom carriers and credit card companies?

We'll take a look at the big names in this edition of Freshwire's video series, "60 Seconds of Social Media."

And in this week's Social Media Shorthand segment: Kickstarter. Have you funded a campaign yet?

Missed last week's episode on McDonald's innovative use of the Internet for transparency? Check it out here: