Your Smartphone Might Replace Your Wallet Soon

Illustration for article titled Your Smartphone Might Replace Your Wallet Soon

AT&T, Verizon, and T-Mobile are going to war with the plastic in your wallet. According to Bloomberg, the three companies are pushing to make mobile payments—where a wave of your phone replaces a credit car swipe—the new standard.

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The three may work with Discover and Barclays to test a system in four US cities including Atlanta. It's not that phone-based payments don't already exist; they've been internationally popular for some time, and stateside programs like Visa's payWave (pictured above) and Square turn your phone into a minilender.

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But this unified approach, while cumbersome for retailers in need of new readers and handset manufacturers having to embed new NFC chips in phones, would create a lot less confusion at check-out time than a mess of competing technologies. And I've always wondered what it would be like to be a Discover card owner, or even to meet one. [Bloomberg]

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DISCUSSION

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NovemberAjax

What a great idea. So now when your phone gets lost / stolen, you've also lost your credit / debit card.

I think we're just not trying hard enough to make life easy for thieves and muggers. Why don't we stencil our social security numbers into the cellphone case and put a little slot in the back for our drivers license too?