Mobile payments

The Bokis wallet's new app is scheduled for broad release this summer. It's a rare success for collaborative wallets, as others have failed, such as the U.S.'s Softcard and CurrentC, the U.K.’s Weve, Canada’s suretap and Singapore’s SmartWallet.

Banks have long believed that the key to sparking mobile payments is better incentives, but U.S. Bank is taking that to the extreme with a new product that pays triple points for such purchases.

Bank of America has added new features to its mobile banking app in an effort to build flexibility in mobile wallet options and more closely tie payments to financial services.l

The rapid advancement of social media platforms into the payments and finance markets, as well as millennials' devotion to apps like Venmo, were major factors driving a 47% increase in the U.S. digital person-to-person payments market last year.

Many banks and money transmitters have built successful billion-dollar businesses around P-to-P payments without social sharing and letting users send emojis.