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We are probably approaching the age where you will not have to bring out credit cards but rely on your smartphone for payment.

My issue with this is that it will be a whole new world of fraud and convenience.

Card 2.0 is the computing platform powering the new Citi cards that re-write the magnetic strip depending on whether you want to spend you cash or your rewards points. The technology fits snugly in your credit card, is waterproof, has a battery life upwards of four years, allows multiple accounts on a single card, and even can be used to require a PIN before displaying the card number.

 

Companies are experimenting with a number of payment methods. One method is through the use of NFC chips, or near-field communication chips. With embedded NFC chips inside a phone or phone case, users can either tap or wave their phones in front of an NFC reader and pay for goods that way rather than having to swipe a credit or debit card. Another method, which AT&T is experimenting with, involves carrier billing. Like single log-ins such as Amazon’s or Paypal’s single ID, users can pay for online goods with their cell phone number and charges will appear on their phone bills.