The Mobile Wallet (M-Wallet) is being embraced by the populace.  Mobile banking is a long time coming.  We are seeing the elimination of the credit card and debit card.

Imagine your cell phone serving as a debit card or a credit card.  Wait there is nothing to imagine.  It is happening now.  It is happening in emerging markets faster than in developed markets like the United States basically because of infrastructure support reasons.  It is easier to deploy a big wireless network that is connected to a central financial database than mailing out physical cards to people who may not have an address or where postal services are not readily available.

The growth in the United States and other developed markets is driven by the need for faster and more convenient access to financial services.  There are millions of unbanked customers in the United States and in this recession financial services companies are seeking to dig deeper into the cash economy and tap into those economic sectors.

Mobile banking is going to continue growing.  For those in live in a world of cash and rely on the cell phone for all telecom and Internet needs, the cell phone will be indispensable.