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Will Your Wallet Soon Become a Historic Relic?
CNBC.com | February 04, 2011 | 09:35 AM EST

Will the wallet soon be a thing of the past? At the rate mobile banking apps are being adopted, who knows.

Intuit announced Thursday its latest initiative, GoPayment, will be one of other first mobile payment apps available on the Android. Already available on the iPhone, the app offers flexibility for businesses to get paid right on the spot with the credit card swiping technology in the phone.

This credit card processing solution is the latest leap in the credit card smart phone process. I decided to ask, Omar Green, Director of Strategic Mobile Initiatives at Intuit about the future of this mobile monetary exchange and Brett King, author of Bank 2.0 on what this means for the banking industry.

LL: Mobile banking is the next big technological development. Have you quantified the opportunity?

OG: So, it might be argued that the first big wave of mobile banking has passed through already. Companies like Intuit, Firethorn, and Fundamo (in Europe) have been producing mobile banking solutions for some time, mostly as white-label offerings.

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