My Phone is My Credit Card, Verify Me...
2007-11-11With the cell phone market experiencing such a boom, many companies are really trying hard to re-invent the way we use this mobile technology. RBC and Visa are two of those companies. They're testing new technology that will authorize payments for you through the use of your cell phone in much the same way that you debit or credit card does know. Here's why that might not be such a good idea...
So let's say you've just bought a new cell phone and have it all set up to work with this new technology that RBC and Visa have designed to make your payments that much easier. You walk into the nearest convenience store and drop a good $20 on snacks and a magazine. You then proceed to the register where all that is left to do is have your items swiped and with a wave of your cell phone, you're off!
Sounds all well and good doesn't it? Well allow me to bring up a little thing called bluetooth. Bluetooth is a wireless technology that is not only available nearly all new cell phones in the market today, but in most cases is even left enabled by default. Why's this a problem? Watch this video and prepare to shit your pants.
Now after all of this... imagine someone that isn't this insanely far away. Imagine someone just outside the store.
Right. Now tell me that this phone payments thing was a good idea.