Are Credit Cards Going To Vanish Soon?

A swiss knife!!Ever since the advent of smart phones, a lot of research has gone in to make it a versatile, all-in-one device like a swiss-knife. The objective is to make the phone as the single device you need in your pocket – it can serve as your phone, your net browser, gaming device, GPS, music system, camera and everything else! Continuing this trend, we will soon see the credit cards in your wallet disappear and get replaced by the ubiquitous smart phone.


Imagine not having to carry a dozen cards in your purse any more. You can just place your phone on a RFID data reading device, and your credit card information will be conveyed without the need of a physical card. To achieve this, the smart phones will be added with a chip along with an antenna to transmit the card data. Thus the information that is usually stored in the magnetic strip of your card will now be wirelessly transmitted to the card reader.


As they say – if spring is here, can summer be far behind? Once this digital wallet technology is achieved, it opens new vistas for add-on products, services and apps. For example, there will be apps to record your expense reports automatically. This will help you manage your budgets and track expense items. Your phone-based transactions will also help merchants track you and share promotions and coupons on your phone. So the next time you use your phone, you may get a discount automatically, without the need of printed coupons. Going a step further, it will be possible to track your exact location. For e.g. if you are shopping for toys in a toy-store, you will be sent relevant information about new products and promotions in that category.


The possibilities are endless!!