The Japanese call it osaifu keitai (cell-phone wallet). Flash your phone virtually anywhere you go for almost any purchase and it's automatically logged into a digital expense report. Eat frequently at McDonald's? Tap your phone to pay and your all-in-one debit card/receipt tracker/loyalty program may instantly offer you 10% off.
Today, if you want to enjoy these benefits, you have to go to Japan. But after years of talk, wireless carriers, banks, startups, and handset makers are now actively working to transform Americans' cell phones into mobile wallets. The goal: to snag a share of the processing fees associated with the $3.2 trillion in annual retail credit-card charges, and to turn the $1.2 trillion in cash and check spending into digital transactions.
To read the full, original article click on this link: Your Smartphone Will Soon Double as Your Wallet | Fast Company
Author: Dan Macsai
