From Minnetonka, Minn., comes news that Vanco (News - Alert) Services, a seller of electronic payment products, unveiled a new service that gives clients the ability to accept payments or donations sent by text message.

Evidently, using the service, you can text payments anytime, anywhere using any mobile phone.

"We anticipate strong interest in this new service, especially among people who are always on their mobile devices," said Jeanne Spencer Rose, CEO of Vanco Services. A sensible assumption.

Of course the fact that everybody has cell phones and smart phones these days means it was only a matter of time before mobile payments became a workable reality. A recent survey by Mercatus found that nearly 80 percent of those between the ages of 18 and 34 will use mobile financial services within five years.

In fact, when given a choice, people in this age group are more than twice as likely to leave their wallets at home than their mobile phones.

Industry observer, John Adams wrote recently for American Banker that “the earth is shifting under the mobile payments market, with new technologies and product rollouts coming fast, and firms that miss the shifts in the market will be at a decided disadvantage.”

New research from Aite Group, according to Adams, says the rapid consumer adoption of smartphones and m-commerce, carrier and handset manufacturer adoption of NFC chips, and the growth in mobile baking are expanding the domestic mobile payments market quickly: “Despite the coming spike, much of the financial services and payments industries still have a learning curve.”

Vanco is a PCI (News - Alert) (Payment Card Industry) Level 1 Compliant Service Provider, offering several electronic payment options that may be deployed individually or as a comprehensive suite.