AT&T, T-Mobile and Verizon want you to use your phone as a credit card

by Dustin Karnes
tagged Android, credit, finance, money

Anyone out there have a touchless credit card? You know, one of those cards where you just swipe it in front of a wireless card reader, it picks up the info, and you go along you merry way? According to an article over at Bloomberg, three of the biggest wireless carriers in the US are looking to move that same technology into your smartphone.

Much like the wireless, contactless credit cards, an NFC chip would have to be installed in new phones with the technology. They are looking to start trying this out in Atlanta and three other cities, with the possible help of Discover Financial Services and British bankers, Barclay Plc.

What do you think? Is this technology something you would want in your phone? Let us know in the comments below!

[via Bloomberg]

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Categorized as Android News

Comments

Derek Von Zarn

Are you kidding? My phone gets stolen, not only does this guy have my life in his hands, but now he can purchase everything too!? I’ll pass on this.
ari-free

What do you do when your credit card gets stolen? You call the company so that nobody can use your card. Same idea here.
Having CC on your phone means you have a screen that gives you instant feedback on your CC purchases.
john

i was seriously just thinking about this type of technology in phones the other day. while there is the possibility of it being stolen couldnt it just be remotely wiped?
http://www.pjpugliese.com Peter

Sign me up!
willwgp

There are a few problems with this. As mentioned above, if someone steals your phone, they’d have your credit information too … so calling to cancel the card won’t be all that great (except maybe some security provisions to help prevent that) …

Not all vendors are accepting this method yet. Gas stations, grocery stores etc, they’re still on the plastic card readers. Airports use the digital scans of boarding passes now, though, so it’s a start.

We’re still a bit retro, and it will take a while for all stores to accept this kind of payment. I was at court recently and a guy tried to pay for his ticket by cell phone. I’m sorry but that’s news to me! Also seemed kinda cheesy and lame that he operated that way without a physical credit card on him.