The Death of Credit Cards

by The Daily Reckoning.

Cell phones have come a long way over the last several years. Over 500,000 apps and myriad new uses have been innovated, with many more in store.

But can your phone be a wallet? NFC (Near Field Communication) Technology allows devices to connect with each other at short distances and might allow you to use a smartphone app like a credit card, and even uploads a digital receipt when your transaction is complete.

This method, using the same technology as access and prepaid transportation cards, could eventually see credit cards being replaced by cell phones, which could greatly improve on-site store transactions and shorten lines considerably. The technology is growing in popularity: by 2015, there may be half a billion phones with NFC technology, according to research by iSupply.

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