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Saturday, November 13, 2010

Imagine If Smart Phones Take the Place of Credit Cards?

It can be good news that your cellular telephone could be doubled as a credit card. Based on recent reports Verizon and AT&T are together likely to bring a cell phone payment technique, and they are reported to be partnering up along with T-Mobile to facilitate smart phones as an alternative for one's credit cards. In the future you might be capable of making your purchases utilizing your cellular phone rather than your credit card.

Until presently there aren't any precise information on the technicality with this process, as outlined by market strategists customers could make the payments merely by holding their telephone in front of an digital reader. The telephone is going to be emitting a radio wave which will connect to the electronic reader in the shop.

This could have numerous advantages. We generally carry our phones with us everywhere, and therefore is going to be easy to make purchases. It is also safer to make your payment using your phone because the electronic reader may request a password prior to the payment is completed. You also can use your telephone to make payments to several accounts. The merchants too might benefit from this as there would be no fees as those charged by the card providers.

However, there are a few disadvantages too. The telephone company are able to know your banking details, and also the shops you're using. There can be an extra $10 to $15 charged per handset. The retailer may have to face costs around $200. Still, if this technology does come into effect this will be the more popular mode of payment compared to credit cards.

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