In recent years, mobile payments and mobile transactions have become increasingly popular in the commerce world, as today's consumers put a premium on convenience. Roughly 1.2 billion people have access to a bank account with payment capabilities across the globe, while there are approximately 5 billion unique mobile phone subscribers. That means that more people have access to mobile phones than bank accounts. For this reason, financial institutions looking to increase their customer base are going mobile and there are a slew of new mobile applications popping up everyday.