Using your phone as a credit card. | Telecom Consumer Discussion Forums

That`s a brilliant idea, I think most of young people in my country would adopt it

Unfortunately, here you are still in the phase we use in the biggest city contacless credit cards to pay a subway ride. I think in few years, people will start to pay coffee with their smartphone, if the adequate infrastructure is implemented

I agree that it’s a good idea in theory and that eventually it will be the standard way of paying for things. Unfortunately, I don’t believe cell hone security is where it needs to be yet. Even with computers that have been designed to have really high security for years, it’s still fairly common to have the right information fall into the wrong hands.   I’m confident that within 3-5 years a good percentage of transactions will occur via phones. Humans value convenience above all else, and it’s pretty convenient to have almost everything you need, and be able to get whatever you want through a small device in your pocket.

Security is a big issue with financial apps, unfortunately this detail will make the majority of people look at them into a skeptical way

I can tell that in my country the app released by a bank for internet banking was hacked and the bank had to returned the missing money to the furious customers. You can imagine that this people and their families and friends aren`t giving credit to the new revolution