Using infra-red and bar code technology, you will be using your cell phone to charge your purchases. Plastic cards are going the way of the dinosaur. I believe this is a GREAT step forward. Benefits: All your cards in one convenient spot. Quick reporting at your fingertips. Reduced processing costs at credit card companies (will they pass on any savings?: Let's think positive!)
The pitfalls? Lose or damage your phone and lose a lot. Can we truly eliminate the plastic? I believe there will always be some plastic available for those who are not technology savvy. Not everyone has cell phones and I believe there will always be those who do not wish to have cell phones. Even if the credit card companies offer a free cell phone for just using it for credit purposes, there will be consumers who choose to continue using plastic.
Another pitfall? Too easy to spend money!
Click on this link to read more:
http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/index.htm
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