In today’s technology you can do almost all things using a single device. Smartphones have already replaced various technologies. Now you don’t need to bring your camera to take pictures, or use your lap/desktop to surf the net, or your MP3 players to listen to music, soon smartphones will replace another product, credit cards. According to Bloomberg, two top telecommunication companies in nation an a German mobile provider, Verizon, AT&T, and T-Mobile, are working collaboratively with Discover Financial Services & Barclay Plc to design and develop a new technology that will smartphones to mimic that credit cards functions.
The new system will basically acted as a new credit card, it will allow users to swipe their smartphones in place of a traditional plastic, something tech geeks have been dreaming about since the first palmtop computer hit the mobile arena. Smartphones users are already well experienced when it comes with processing numerous payments. Also, approximately half of American consumer’s purchases are made by utilizing a plastic.
However, the design and implementation of this technology will consume a lot of time and money. Store owners will be forced to buy $200 digital reader, as well as there will be a $10-$15 charge per unit if you want to update your phone.