Hopefully you like those smart phones, because by the end of the year, you'll probably be using them instead of credit cards.
Here's what Michael Abbott, the CEO of mobile payment network Isis had to say about the new technology:
"Your plastic card hasn't changed since the age of the vinyl records. This is the chance to bring payments forward from the plastic age and the vinyl records age to the digital age."
More on the subject from Mercator Advisory Group's director of emerging technologies George Peabody:
"Mobile payment is going to get really interesting and is going to see a lot of activity in 2011. We're going to start seeing more and more people leaving their homes without their wallets."
And more from Edgar Dunn & Co. consulting firm director Jane Cloninger:
"I definitely believe that the mobile wallet will eventually replace the plastic card — but it's going to take some time because consumer habits take a long time to change. But where before it's been a lot of discussion, we're at the point now where you're going to start seeing momentum toward it and going to see it move beyond the trials and into reality."
And here's what Bank of America's senior vp of online and mobile banking Michael Upton had to say about it:
"2011 is going to be a very exciting, very dynamic year when it comes to mobile payments because it's the Wild West again, with all these players positioning in various different ways to redefine the digital payments landscape."
But will this technology stop at mobile payments? More from Isis' Michael Abbott:
"[Payment] is where we're going to start, but where it goes is wide open to the innovation of other players who want to be involved."
We def don't mind using our credit cards, but it'll be inneresting to see if they do in fact start to fade away by the end of the year.
Team credit cards or Team mobile payments?
Tags: bank of america, credit cards, edgar dunn and co, george peabody, isis, jane cloninger, mercator advisory group, michael abbott, michael upton, mobile payments