Security experts are asking, “Are smartphones smart enough to be credit cards, and perhaps even more?” Smartphones are already commonly used to manage some financial tasks, such as online banking. But companies such as Google, Apple, Samsung and Nokia aim to cut out credit cards and cash entirely by making phones that can handle in-store purchases. Such “wallet” phones are common in parts of Asia. Security analysts believe their arrival in the U.S. market, expected in the next few years, could open up new avenues for fraud. However, some Experts have claimed that it is a safer method of payment than the traditional card, ”Because “it’s contact-less there’s a perception people can grab it from thin air, but it’s actually more sophisticated technology than credit cards with a magnetic stripe, making it more difficult to steal a consumer’s payment information,” said Nick Holland, a mobile-transaction analyst at Yankee Group.
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