Slashdot Mirror
Cell phones as Credit Cards
ante_up writes "We should have known this was coming. Business Week reported that Japanese carrier NTT DoCoMo Inc. (DCM ) is vamping up their cell phone technology. First they added a debit card facility and now are expanding to full credit card capability. What else can you add to a cell phone?"
Bugs are just features that have been fixed.
And a key ring.
That way when it gets stolen, the thief has everything he needs, and not just my money.
We do not live in the 21st century. We live in the 20 second century.
Don't most people pay their phone bill with their credit card? I'm seeing something oroborous about this.
I still don't get the draw of cell phones, either. I'm not even 30 yet, but I carry a cheap pay-as-you-go cell phone that I use for emergencies and calling taxis. If I want to have a conversation with someone, I'll just wait until I get to my office or home and use a comfortable human-sized phone.
As for credit cards... Meh. I don't know. I have no sympathy for people who go into debt because they act like their credit-line is free money. I *CERTAINLY* have no sympathy for our parents (previous generation) who have treated credit cards that way.
I use my credit card for one purpose - building credit. That's it. I try to keep it at 30% usage - no more and no less. And to keep it that way, I only use it to pay predictable, regular bills (internet, cable, safari.oreilly, renter's insurance, etc). And then I use my automatic online bill-pay service to transfer the correct amount from my checking account to my credit card to pay it off each month. I barley even have to pay attention to it.
I suppose I'd use my credit card if I had some huge emergency and my debit card wasn't handy (which it always is), but I sure wouldn't use it for buying myself neat little toys and taking people out to dinner becaue "it's free money!" or anything.
This is just the next step. I mean, they're adding RFID stuff to credit cards, what's the point of having like nine digital / identificatory devices situated upon your person? I'm all good with not having to have a wallet, a cell phone, AND a set of keys. The future IS that I will have all three in one device somewhere around the size of my current cell phone. The real question is whether everyone else is enough of a sheep to buy stuff that has ONLY the option of 1 credit card, 1 car key, and 1 cell phone provider.
The way people work, I expect the credit card and cell phone provider to merge so they can provide it 'easier' - that's what this particular article seems to mention. The car, well, that's just a matter of horizontal integration within the marketplace. (otherwise known as monopoly) I mean, do you LIKE having multiple devices you need to drag with you everywhere? Common sense says you wouldn't want ANY of it, but that would require stronger biometrics than currently exist / people find acceptable along with a more integrated identification network. The options are all rather bleak, but I'm sure you agree that eventually one of them will evolve and dominate if the market continues as it is today.
My little site.
How is it debt if it's paid off every month?
I prefer using a credit card over a debit card because I get to use the credit card co's money for (up to) 30 days. With a debit card, the transaction is immediate. I'd rather earn a little interest on my money before handing it over.
Similar to the poster you were replying to, we get one air mile for every dollar we purchase on our credit card. As a result, my wife and I will be flying to Europe this summer for free. All we did was buy the same stuff we would have bought with cash or debit if we didn't have the 'reward card'.
A debit card might be what works for you, but I think a wisely used credit card can be more beneficial.
"Michael, I did nothing. I did absolutely nothing - and it was everything that I thought it could be."
Like any business idea, the first question should always be, "What itch does this business scratch"? And honestly, I can't figure this out. A credit card is a tiny size of a cell phone, and actually, you don't even need a physical card to use one. They're already universally accepted. So could this *possibly* be any small kind of improvement that would make it a viable product?