By Blake Ellis
CNN Money
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Spending via smartphone is expected to increase dramatically over the next five years.
Credit cards may soon be as outdated as vinyl records. (Remember those?) And this is the year that the slow, steady march to oblivion begins.
You can already use your iPhone, Droid or BlackBerry to buy a hotdog at the ballgame, buy your Starbucks latté, or give a friend a few bucks by Bumping phones. But by the end of the year you may not even think twice about reaching for your phone to pay at the register instead of fumbling for your credit card.
“Your plastic card hasn’t changed since the age of the vinyl records,” said Michael Abbott, CEO of Isis, a new mobile payment network. “This is the chance to bring payments forward from the plastic age and the vinyl records age to the digital age.”
While companies have been experimenting with contactless mobile payments for years, 2011 is expected to be the year the technology really takes off. That’s because millions of phones capable of making contactless payments are expected to be shipped out in 2011.
