In the near future physical wallets will be replaced by mobile wallets. A comprehensive research was conducted on the trends and growth rates in the smart phones and mobile wallets market, consumer behavior towards mobile wallets vs. plastic money vs. real money, and also on the reactions of the social media to the mobile wallets. It was found that, Asia Pacific is one of the fastest growing region in mobile wallet market and is growing at a rate of 40%. A few shortcomings may be noted in this regard: different cash transfer channels, lack of awareness, stringent policies, low margins and poor web connectivity in several areas. Read more at: http://www.blueoceanmi.com/news-details?id=190

Technologies, today, have enabled bank customers to make payments, track spending or move money between different accounts easily just by going online with a PC, phone or tablet. People are using popular websites like PayPal, for cheap loans and saving returns. Cash machines, ATMs have also become more advanced and multi-functional which means customers will soon be able to send money overseas, receive money transfers, purchase foreign currency and carry out transactions such as applying for loans. According to futurologists, smartphones will become mobile wallets soon enabling a customer to use discount vouchers and earn cashback on any transactions.  Banks will also have to exploit social media well i.e. listening to customers and have conversations on networks such as Twitter and Facebook. Mobile banking also helps banks to know the physical location of their customers and provide services accordingly. For example, banks might text to offer foreign currency when the customer arrives at an airport. However, new rules and improved technology have made it easier to switch current accounts and will make it even easier in future which in turn provides enough incentives for the banks to excel in technology, in all aspects of their service. Read more at:http://www.thetimes.co.uk/tto/public/moneymatters/article3925149.ece