When it comes to revolutionizing how modern-day customers do their banking, USAA is head and shoulders above the pack. This is hardly surprising, as many of its customers are currently deployed on military duty in Afghanistan and Iraq, making innovations in mobile banking one of the most valuable services USAA can provide.

Currently, one of their most impressive offerings includes the ability to deposit a check by merely taking a photo of the front and back and sending it to their bank, who then verifies the transaction. The next step, however, is person-to-person mobile payments that would allow mobile users to send money to other mobile users, make purchases and pay their bills, all from their phone. Think of it like a credit card in your cell phone, or a mobile PayPal.

Nokia is already two steps ahead of USAA in this regard. Nokia Money is set to roll out this 2010, and similar to PayPal, it would charge a percentage or a flat fee for each transaction made on a mobile device. This precedent indicates there may be a new revenue stream available to banks who want to invest in mobile technology. The fees for each transaction are generally small, but they add up significantly. Furthermore, many people who do not have bank accounts do have cell phones, allowing banks to tap into a market they may not have previously considered.

Phone-to-phone mobile banking may be the most popular in the developing world, where cashless payments have previous been an issue. M-Pesa in Kenya has already shown the movement has legs, and person-to-person mobile payments are popular throughout Africa and South Asia. For European and North American markets, person-to-person likely won’t supplant mobile banking, but it could be invaluable to third-world and developing nations who don’t have banking systems that support their economic status.