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!
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