Wired magazine describes a new smartphone AP from Google that will allow you to have virtual credit cards in your smartphone. You won’t need to carry plastic cards around—just wave your phone in front of a reader and poof! your transaction’s completed. Okay, there are still some bumps in the road, but it’s a quick read and worth knowing about.
Mobile electronic transactions in all sorts of formats will undoubtedly be in the mix somewhere up ahead. That really doesn’t take that much of an imaginative stretch. What amazes me is our deer-in-the-headlights tolerance of the credit cards themselves—their predatory business practices, usurious fees and interest charges of up to 36%.
They’re 50-ton, parasitic financial dinosaurs squatting in our collective kitchen, and they are what needs replacing with an eCurrency system that adds-value and is actually in our interest. The technology clearly exists already, so focusing on minor nifty things you can do with a smart phone seems beside the point. The real, innovative leap forward will come when all electronic transactions have a simple buyer/vendor fee in support of a stable, sustainable society (say underwriting universal healthcare or education). Kicking those card sharks to the curb; now that’s a story I’d like to read about in Wired.