Just might have the secret sauce to move is into the 21st century. From paper, to plastic, to SmartPhones.
Let's give some context.
Paypal was started up many many moons ago (2000) as a financial services company by Elon Musk (http://en.wikipedia.org/wiki/PayPal#History). Paypal allows you to pay through the service without every having to reveal you r payment sources and only using your email address. Paypal recently introduced the ability to "bump" a payment to anyone. This is great for online transactions, but there is no support for 'brick & mortar' stores.
Now we have a solution for 'brick & mortar' stores, that solution is MobilePay. Combining the intermediary of Paypal with GPS, you select the store you plan on paying and make the payment. It's transmitted through to the merchant and to your bank. This process eliminates the need for any additional hardware. This allows existing smartphone hardware to become a digital wallet.
MobilePay has the potential to start new revolution in digital financial transactions. Hopefully merchants will see this as a significant opportunity and advantage over waiting for future hardware.
I want my MobilePay!