Starbucks allows individuals to pay their bills with their phones as do some credit cards in limited access. I think that phones will take over the need for wallets in general, just as credit cards and debit cards have almost exclusively taken the place of cash for most people in our society.
Google wallet and phones will revolutionize the world. Why would we need a wallet when we have a little handheld device that can do everything for us? Google wallet is the easiest way to pay for stuff, and will replace credit cards and wallets soon. The wave of the future is bright!
It wasn't too long ago that the concept of not really needing a land line if you have a cell phone seemed ridiculous, yet here we are. One by one they're phasing things out. I think getting rid of physical money is one that's going to take much longer, but I wouldn't be surprised to see it eventually happen.
It's very easy to believe that someday we will replace our wallets with phones. Phones already have banking apps that are used widespread, and it boggles the mind to envision how life will take place with regards to these matters in even the near (fifty years or so) future. A generation ago could not have imagined the possibilities of skyping, e-mail, online chat and even cell phones. So, it's very easy to believe that phones will replace wallets.