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“See you later, wallet!”  That’s what we’re looking at next as an up and coming trend in smart phone use.  Google Wallet wants us to trust it with our money.  There are Android and iPhone apps that can be used to make simple credit or debit card transactions, issued by the card companies themselves to their account holders.  Having your smart phone double as your wallet makes a lot of sense. For one thing, people are almost never without their smart phone.  A person who owns an iPhone or one of the high end Android devices will generally keep it in his or her hand constantly, or in a pocket or other article of worn clothing.  This amounts to less to keep up with.

But what about security?  Sure, your digital transactions are protected by a pin.  So is your physical credit or debit card.  Only, if someone uses your physical card as a credit instead of a debit transaction, there is no need to use a pin.  So the digital wallet is safer in that respect.  But if you lose your phone or it gets stolen, you still need to contact your issuing company.  Here is the statement from Google Wallet’s page:

“Even though the Google Wallet PIN and Secure Element protect your payment card information, you should still call your issuing banks to cancel your cards.”

Like it or love it, the digital wallet is probably here to stay.  Click to learn more.

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