Mobile Commerce is both an opportunity and a threat to carriers as many third parties seek to offer alternatives to network operator based offerings. Competitors include established players such as PayPal as well as many start-up companies. Incumbent operators face the threat of Google and other larger players that wish to dominate this large market opportunity. In addition, carriers are faced with decisions regarding various technologies, solutions and approaches. There is also a need for careful consideration with respect to the cross-over between mobile advertising/marketing and mobile commerce. Carriers must therefore consider everything from Near Field Communications (NFC), 2D Bar Codes, Abbreviated Dialing Codes, Short Messaging and other customer interface approaches to mobile wallet, integration with financial institutions, debit versus credit, and more. This research provides analysis of the major technologies, systems, solutions, applications and players. It also analyzes the relationship between mobile advertising/marketing and mobile commerce and answers the question why carriers cannot have one strategy in isolation from another. Carriers must have an integrated strategy to be successful as digital media, content, advertisements/marketing, applications, and commerce evolve to become increasingly mobilized. This research provides critical analysis and recommendations for wireless services to assist them in infrastructure, application, OSS integration, and partnering decisions associated with mobile commerce.