Imagine being able to pay for a song on the jukebox, buy a bag of groceries or gain admission to a sports arena by simply waving your phone by a machine.

With consumers in Asia and Europe already using their mobile phones to pay for soda and parking fees, the long discussed concept of the wireless wallet could be slowly creeping closer to reality in the United States.

In countries such as Sweden, Ireland and the United Kingdom drivers can avoid putting coins in a parking meter by simply sending a text message on their mobile phone.

About two million customers of Japans NTT can already use mobile phones with built-in debit cards to pay about 20,000 merchants such as restaurants and supermarkets.

Life just gets easier everyday…So does this mean we wont need Banks anymore ?

Who is going to hold our hard earned cash ?, Will we still get interest on our money ?

Rest assured that someone will be making lots of money out of this but I will take a bet that its not us, the ever suffering customer.

Continue reading about this technological advance at reuters.com