Used Cell Phones to Replace Credit Cards?

Will used cell phones soon be replacing credit cards as a way to pay for goods and services? That is the question major credit card companies may well be asking themselves following the announcement that internet giant Google is set to unleash a new NFC mobile payment technology that will allow consumers to use their cell phones to pay for goods and services.

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A Love Affair With Smartphones

A recent mobile market report by Gartner showed that there were 428 million cell phones sold during the first quarter of this year, with 100.7 million of those falling into the smartphone category. That represents a 19 per cent increase in cell phone sales year-over-year and a whopping 85 per cent increase in smartphone sales year-over-year.

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