Can Phones Replace Credit Cards?
A payment system with a difference is well on its way to the UK, with big players like Visa investing the time and effort into research and financing for what could revolutionise the way we pay for goods.
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It's undoubted as to just how big a part of our life mobile phones are - we take them everywhere and can use them for everything, from the usual calls and texts to bigger and better things like taking pictures, accessing maps, checking our e-mails and instant messaging friends, not to mention the various applications that are cropping up all the time.
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So perhaps it only seems like the next step in mobile phone evolution to allow our handsets to take care of yet another necessity for us. Mobile phones are currently being developed to be used in place of credit cards, where users can pay for goods in store by simply swiping their phone over a scanner - and it's as simple as that. The system is already tested and working, and in use in some places like Malaysia, and involves a sticker being attached to the back of a phone which is already installed with the appropriate near field communication chip. Once you've connected the phone to your online bank account, it's ready to use. Whenever you want to purchase something, you simply swipe your handset through the air within four centimetres of the store's terminal, located at the payment point, and the transaction is complete.
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Security fears are unfounded, as users can password protect their phones and your bank always has the power to disable the phone remotely, meaning you'll never have to worry about a thief abusing your mobile and your bank account should your handset ever fall into their grasp.
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There's no question as to the technology's convenience - but could it ever replace credit cards? This depends. Millions of people across the world have and enjoy using a mobile phone, and manufacturers are continually developing. Now, phones are capable of a great deal more things than they ever used to be, and there is no reason why this is not expected to continue - so the chances are that, while not everybody will prefer using a mobile device to a good old fashioned piece of plastic, many will embrace the technology.
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Just make sure you don't get too used to the freedom to spend at will - perhaps you'd be best trying to save by investing in <a onClick="javascript:pageTracker._trackPageview('/outgoing/article_exit_link');" href="pay">http://www.tesco.com/mobilenetwork/homepage.aspx?page=3">pay as you go tariffs</a> to offset some of the damage!
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