Absolutely @techwizardry.

An app on a smartphone gives a large percentage of the population everything they use a bank for.

It gives them:

A. The ability to store money.
B. The ability to receive money.
C. The ability to spend money.

For many, that is all a bank is.

It will not be long before the masses realize the explosive nature of currency not controlled by a central institution or a few elitists. Ironically, I think the poorer nations will embrace it as a population quicker than the developed nations. Too many of them still believe the MSM telling them to trust the government and the bankers.