Why Phones will make Wallets Obsolete…eventually

If you look at the progression mobile phones have made over the past 10 years it can make your head spin. It’s hard to believe that only 4 years ago this June Steve Jobs debut the iPhone in San Francisco. Mobile Phones are becoming progressively more powerful every month and becoming more engrained in our lives every day. If you think about it, mobile phones have come to replace a good amount of items since its existence: Voice Recorders, Alarm Clocks, Mp3 Players (to an extent), Landline phones, GPS Units, Calculators, Flashlights and Point-and-Shoot Cameras. And now I believe mobile phones will replace my wallet ...one day.

My wallet is primarily used for 4 things: To hold business cards I acquire, credit cards, my ID and my insurance cards.

Business Cards-

There are multiple Apps on the Andriod and iPhone market places that allow people to share their contact info without the exchange of a physical card. The most popular is Bump Technologies, it allows users to literally ‘bump’ their phones together and share contacts, music and photos. It is currently reigning as the #8 All-Time Top Apple iPhone App in the U.S with 100,000 users downloading daily. Widespread adoption of technology like this could make business cards a thing of the past.

NFC to replace credit cards and personal id-
Near Field Communication has had a lot of buzz lately and has been discussed as a legitimate method of credit card processing for years. Essentially, NFC would work as a quick swipe for all of your purchases using an RFID tag with a specific frequency. It sounds like a great idea, but people found out how to hack your credit card’s RFID real fast. If NFC can get up to par, then eventually an RFID tag will be able to replace my insurance info and personal identification as well.

Never needing a wallet ever again would be sweet, but it doesn’t look like we are going to be throwing them out anytime soon. Mobile phone technologies are advancing at incredible rates. Just take a look at Lockitron, this company is using NFC and Smartphones to open up doors, literally.


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