Smartphones Are Becoming Digital Wallets

SOURCE: Los Angeles Times | Business

In the walletless future there will be no credit cards to lose, no cash to carry and no concert tickets to leave at home. Already, with a few taps on the screen of your smartphone, you can order a meal at a restaurant, loan your friend 20 bucks or even unlock the door to your house (so you can lose the keys too).

Nearly half of U.S. consumers own smartphones, and as they have gained popularity the devices have grown to resemble pocket mini-malls, with rows of virtual storefronts where consumers can buy video games, music, books and TV shows. It’s becoming such big business that the largest banks and credit card firms are partnering with wireless carriers, handset makers and eager software developers to push the smartphone further into the center of global commerce.

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