Money in Your Phone

There's a new, interesting application relating to money and technology.

The June 27 issue of Business Week ran an article on the looming technology that can turn phones into digital wallets.  If accepted, this technology would allow you to pay for groceries, gas, and everything else with your cell phone.  The quote that summarizes the whole article the best is:

"The whole concept of money is going to change," says Sam Pitroda, CEO of one of the software companies making this technology.

Wow!  This will either be "big" or will end up as something consumers won't accept.  Which do you think it will be?

Comments

[Cap]

ah. im sure there's more to it in terms of security features and all that..

it really depends on how they implement it, and how easy it is to use.. plus, how widely are they accepted.. will there be lots of new machines available at retail outlets to accept this new form of payment? *shrug*

I dont think it'll work out that well though, people arent exactly comfortable with technology like that, no matter how safe they are.. if you dont understand it, you wouldn't be comfortable using it.

[~Dawn]

I've been reading about the usage of cellphones for paying for things in Japan.. and interesting idea, but I don't carry a cell around with me, it's an emergency phone to me still.