U.S. CONSUMERS ARE MOVING CLOSER to being able to use their cell phones as mobile wallets, according to a new study.

The report, by technology research firm In-Stat, projects that by 2012 between 8 million and 30 million customers in North America will be making contactless payments via cell phone. The key is incorporating the short-range wireless technology into handsets and payment systems that make such transactions possible.

As mobile phones morph into mobile wallets, and the mobile advertising platform expands and matures, marketers will essentially gain the ability to display targeted ads in customer's wallets...

Read the entire story about the In-Stat report at OnlineMediaDaily.