While banks and banking in general are something most of us take for granted, something as simple as paying an electric bill could take an individual in Latin America several hours of waiting in line. Some might even travel up to 15 km just to pay a bill.

The impact of such barriers to paying a bill are incredible. People end up spending significant periods of time away from their businesses, jobs and families; all to accomplish a task that takes most Americans a few mouse clicks or a stamp.

Today on WalletPop Radio Geoff Williams and myself had the opportunity to interview Serge Elkiner, founder and president of YellowPepper, a company trying to simplify banking in Latin America and bring mobile banking solutions to the "unbanked" and under-served or "underbanked" in these countries. With more than 1 million users in Bolivia, Colombia, Ecuador, Guatemala, Panamá and Peru the company is already off to a great start.

You'll also learn what Latin America has in common with Japan, how mobile banking will change consumer behavior and why these individuals don't just get online to pay their bills.