Phones That Double As Credit Card

"In the beginning, the cell phone was a phone -- handy for making calls but little else. Then manufacturers added cameras, e-mail, music, and even television to their phones, making the gadgets an essential part of daily routines.

"Now, Japanese carrier NTT DoCoMo Inc. wants to entrench the once-humble cell phone even deeper into consumer lifestyles by turning it into an electronic wallet. After introducing handsets last year that double as debit cards -- allowing users to pay for small purchases such as soda or coffee from vending machines and convenience stores -- the company this year plans to make those phones full-fledged credit cards."

Culled from BusinessWeek (click here to read).

Coincidentally, I read that article last week and I thought the move by DoMoCo inc. to introduce a phone that doubles has a credit card is quite innovative. Already the japanese market is congested, every Japenese has at least a cellphone but with this innovation, the company is going to tap into the market before other phone companies and increase their earnings. The only fear is that when your phone is stolen, people can have access to using your credit but they say the advantages will eventually outweigh the disadvantages. Moreso you can notify them immediately so that they can disable it.

I've read about this before. I think it is a new innovation in mobile technology.

The problem is that we can't enjoy this yet in Nigeria as our society is still a cash based economy.

That is correct Diakim, The technology will do well in a cashless economy but who knows with the introduction of MasterCard by STB and some other banks maybe the Nigerian economy would go cashless someday and the phone will come in handy.

The link to the article in question is:
- http://www.businessweek.com/magazine/content/05_23/b3936060.htm

This has been added to the first post.

. The only fear is that when your phone is stolen, people can have access to using your credit

And all ur money would be used up. . . . . . That's all. .

And all ur money would be used up. . . . . . That's all.that 'll happen aiight. .

there have been frameworks which use GSM cellphones as payment implements from as far back as I can remember. I remember being contacted by a company in SA in 2001 about their product that does exactly that. this is not new.

Yeah. . . . I found out 'bout mine in 2003. . . . . . When I was watchin' one f.uckin' documentary. . . . .