Technology could turn cellphones into wallets | News for Dallas, Texas | Dallas Morning News | Dallas Business News: "For many people, smart phones are almost as indispensable as wallets. And soon, your smart phone could replace your wallet.A collection of the biggest wireless carriers, handset makers and software developers are putting their weight behind a technology called near-field communication.Also see my other post on this here.
That standard will allow your cellphone to make payments at a cash register, scan computer chips embedded in ads and posters for discounts and product info, and eventually incorporate driver's licenses and other forms of ID.
Technology could turn cellphones into wallets
If this doesn't wake you up to the reality that we are moving closer to a system of monetary exchange that excludes the use of paper, I'm not sure what will. For several years, I have often thought that its use was outmoded. Recently, I received a new credit card that does not need to be swiped with a bar code. Many have already been using these. It has a chip that is embedded in the card. I do not even remove it from my wallet. I merely wave my wallet above the reader. How much more convenient would a chip in my hand be than having to find my wallet every time I need to make a payment. I lose my wallet way too much.
