Australians could soon be wearing their bank accounts.

Article by Kevin Boyle

With mobile devices already the most popular platform for Australians to access their bank accounts, the announcement of the next big step in mobile devices means that Aussies could soon literally be wearing their bank accounts and credit cards.

The New York Times has reported that wearable computing could replace the smartphone over the next decade with talks of Apple, Google and Olympus already in the advanced stages of the technology.

Apple is allegedly experimenting with a new smart device that users can wear on their wrist dubbed the 'iWatch.' With Apple's employees not legally allowed to comment on the products development, the market has left it to their imaginations as to to how the device will work. Suggestions have been made that the voice command assistant, Siri, will be the primary control mechanism and that users will also be able to make mobile payments with Apple's Passbook payment system. It is also believed that the device will be constructed of a revolutionary new flexible material known as 'Willow Glass.'

Wearable mobile devices are not a new idea and are more than certain to be part of the future for mobile devices. Google has already showcased it's 'Google Glasses' and are currently holding private workshops in San Francisco and New York for developers to start building applications. An anonymous Google employee has commented that the company expects the device to make up 3 percent of it's revenue by 2015, says The New York Times.

"We believe technology could progress to a point where consumers have a tablet plus wearable computers, like watches or glasses, that enable simple things like voice calls, texting, quick searches and navigation," said Gene Munster, an analyst at Pipe Jaffray.

Ray Morgan recently reported that mobile device banking in Australia had finally overtaken the old traditional internet banking platform. With our bank accounts already in our pockets it is likely to be an easy step for Australians to take advantage of more convenient wearable mobile devices.

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