Cell Phone's next Function - Wallet?

During our time in the 50's to 70's we could go without a cell phone but nowadays pple are carrying one cell each at most and changing each time new tech arrives! It's amazing how Technology & Science could change the world. - "Wireless World"

I read an article and it says:-

NEW YORK - Already a device of multiple disguises, from camera to music player and mini-TV, the cell phone's next trick may be the disappearing wallet.

After all, since more than a quarter of the people on the planet already carry around cell phones, and hundreds of millions are joining them every year, why should they bring along credit and debit cards when a mobile device can make payments just as well?

At the simplest level, all that's needed is to embed phones with a short-range radio chip to beam credit card information to a terminal at a store register. It's not unlike the wireless system used to pay tolls on many highways or the SpeedPass keychain wand used to buy gas at Exxon Mobile Corp. pumps.

This is already a reality in Japan, where NTT DoCoMo Inc. says 3 million cell phone subscribers use its Mobile Wallet service to buy things at 20,000 stores and vending machines.

Similar services may be on the way in the United States and Europe. MasterCard International Inc. has been testing phone-based versions of its PayPass contactless payment technology since 2003, and may conduct a significant market trial next year.

In the United Arab Emirates, OneWallet is being marketed by U.A.E. Exchange as a convenience to that nation's huge work force of expatriates from India who regularly wire money home. So far, there are about 400 users.

It's going to be a crazy world being rule by technology - not longer a simple life playing 'marbles' or 'rubber-bands' Right! How sad!!

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