In addition to mobile payments, mobile wallet is another emerging app for financial institutions. Growing in popularity, mobile wallet allows the user to essentially pay for nearly anything using a smartphone versus cash, debit card or credit card. The wallet stores reward and discount information, acting like a payment system without the plastic.

Although currently mobile wallet can’t be found at many financial institutions, a study by Parks Associates says that by 2017 mobile wallet use will increase 183%, where almost over 43% of smartphone owners will be using the app.

From the article, "Widespread Mobile Banking Trends Offer More Consumer Options" by Gina Ragusa.

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