The stakes are high in the race to develop the virtual wallet, which is why companies as diverse as MasterCard & Visa, large banks, Google, Telecoms and even large retailers like Wal-Mart are working on developing their own version of a mobile wallet.
Who will win? How far away are we from a cashless, plastic-less world? And just how will this mobile wallet function in practical terms?
The Woodward Report hit the streets of Copenhagen and Austin, Texas, to try and find out.
We talked with hungry innovators like Søren Kragh of NFC Denmark, companies who are already making apps like CellPoint Mobil's Tony Jensen and Tabbedout's Rick Orr and with consultant Mikkel Freltoft Krogsholm of Copenhagen Finance IT Region who is working with the Danish bank sector to design the way we will pay.