Yes, and it's happening with Apple.
You can spend $10 on an app that will identify your money, whereas before you would have spent $100 on a device, or had the device given to you by the Bank of Canada. It's the same thing as far as identifying colours, identifying objects, and scanning using OCR, so it's snapping a picture, performing optical character recognition, and then reading the text.
To do that, you would normally—and in previous cell phones—have to spend several thousand dollars. Now you can do it with a $10 app. The same thing has happened.