(Bloomberg) -- American consumers will have more choices in 2016 for how they make purchases with their smartphones as big banks and retailers vie for market share against tech giants Apple Inc. and Google.

Companies like JPMorgan Chase & Co. and Wal-Mart Stores Inc. are rolling out their own products just as mobile-payment apps are catching on. By 2019, eMarketer estimates that the total value of transactions made by tapping a phone on an in- store terminal will reach $210 billion, up from $8.7 billion in 2015. For banks and retailers, that presents an opportunity to take on Apple Pay and Google’s Android Pay -- and maybe save on transaction fees to boot.

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