A Credit Card-Free Wallet? A Wallet-Free World?

This year, millions of mobile telephones capable of making contactless payments will be available to consumers. An article by CNNMoney reports that these “mobile wallets” will allow customers to store multiple credit cards, make payments, check balances, and even use coupons or reward points. A greater number of people may leave home without wallets as it is estimated that by 2015 the pay-by-phone market will account for up to $22 billion in transactions, and there are predictions that other cards such as driver’s licenses, identification cards, or insurance cards, could be stored in these devices.