Holding my "bank book" in one hand, as a child, and my Dad's hand in the other, together we walked into the bank to withdraw $60 in cash that I had saved for a new bike. The year was 1976. I think I'd saved for about a year. Off we went to buy my new bike from Sears.

Fast forward to today and my 15 year old son wants to buy the new Modern Warfare 3 Xbox sensation. He has some cash he had earned for lawn mowing and was heading to GameStop with his debit card to buy the game. He quickly handed me the cash and said, "Mom, can you take this and transfer into my account so I can buy the game?" Our accounts are linked so I took his cash and transferred the sixty bucks into his account. The exact opposite of how this transpired in 1976 (not to mention the difference in what $60 will buy).

Financial institutions should be aware of the shift in mind-set. Kids don't want the paper - they want electronic. Plastic is prevalent but mobile payments like Google Wallet and PayPal's mobile shopping app are here.

Here are some links to digital wallet articles and videos:

PayPal Unveils mobile payments for in-store shopping

Google Wallet VIDEO: George Castanza, our first Google Wallet Customer

Visa Digital Wallet VIDEO

Mobile Commerce: Three Trends to Watch