If Google has anything to do with it, yes!

Google wallet is the latest app to come from the internet giant that enables users to, quite literally, transform their mobile phones into a wallet.

The application will store users’ credit card information, including Citi Bank Mastercard, Google pre-paid cards and gift cards from several companies, inside the phone. Then, when the user wishes to make a purchase, all he has to do is put his mobile phone onto the payment reader and the payment is deducted from the card.

While critics claim that this is no easier than simply using a credit card itself, the benefits to utilising a mobile phone wallet as opposed to a traditional one include the regular use of coupons and discounts (now that these will be stored electronically within the mobile phone itself) and the fact that we are further reducing the amount of necessary “stuff” that we leave the house with. Another massive benefit is one of security. As complete credit card information is never displayed, users will no longer have to worry so much about credit card fraud, loss or theft of their wallets.