Imagine leaving your wallet at home and paying with your phone.
Does it sound futuristic? Well it's all possible right now.
Some retailers are taking advantage of this technology because they get better transaction fees for credit cards.
The mobile payment space is projected to be a $171 billion business this year and it's on the rise.
So what does the future look like?
Some people are paying by just saying their name using an app called Square.
If you are at a restaurant, after you order just say your name at the register and you're done.
This year, Home Depot locations across the U.S. started competing with companies by exploring more mobile and in-store payment options.
Some stores are now equipped to accept payments from customers using a PayPal card or mobile phone number and PIN combination.
What do you think of these options? Would you ever trade your wallet in? Let us know on Facebook.
Copyright 2012 WGCL-TV (Meredith Corporation). All rights reserved. CNN contributed to this report.
