This chapter describes how mobile technologies have recently emerged as the new wave in Information Technology revolution and are constantly gaining importance and popularity in nearly every avenue of our working and social lives. One area of mobile technology that has become a focus in recent times is the use of mobile devices particularly the mobile phones for an array of financial services. Mobile financial services and their massive adoption and rapid spread in the developing world, has deepened investments in mobile infrastructure and has further contributed to financial inclusion and economic development. Their adoption, in particular, has had a significant impact on consumer financial behaviour. This chapter builds on a rich body of literature available to highlight the impact of mobile financial services on consumer financial behaviour and the implications for financial institutions.