In Japan it is not uncommon for people to make everyday purchases using only a cell phones. A variety of secure mobile technologies alowing for easy transfer of money from one’s bank account or credit card to retailer have existed for some time. The trend is catching on in the developing world as well, where those who do not have bank accounts or credit cards can move or store money and credits via cell phones. A good review of some current M-banking and M-remittance services in the developing world can be found here.
In reading recenly about a bank sponsored program to help the “unbanked” poor in San Francisco open up banking accounts, I was struck by how far behind the curve we seem to be in America in leveraging the same mobile opportunities that are coming online around the globe.