How Banks Plan to Make Your Wallet Obselete

Banking has been big business for thousands of years, and as such, banks tend to avoid rocking the boat (subprime mortgage-backed securities notwithstanding). That is, until now. 

A consortium of banks, lead by Citigroup (NYSE: C  ) , Bank of America (NYSE: BAC  ) , BB&T (NYSE: BBT  ) , U.S. Bancorp (NYSE: USB  ) , and KeyCorp (NYSE: KEY  ) have joined forces to develop critical technology to pave the way for true mobile banking. 

In the video below, Motley Fool contributor Jay Jenkins discusses how this new technology could free consumers from bulky wallets and plastic cards, and how these leading banks stand to cash in.

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  • Report this Comment On July 24, 2013, at 11:43 PM, MightyMinnow wrote:

    Replacing the middleman isn't eliminating him.

    I love my bank but I put my money there to keep it safe from others, not to make it easy to give to others. I don't buy the motive for a minute.

    I shop online, got to the store to see it live, pay in cash, and say goodbye. I never give them my right name or address anyway. I tell them I moved if they ask.

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