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DQ News: The New Wallet – “Where do I put my driver’s license?”

To support our increasingly mobile lifestyles, smart phones have become a dominant presence in everything we do.  From communication to entertainment to business, they have, in large part, replaced everything from day planners and maps to cameras and iPods.  And before too long, we will all be adding our wallets to that list.

So Long Old World

It had seemed our old school payment habits were the last bastion of the tangible world. Throughout history, the way we pay has changed only a few times – from metal coins to paper money to plastic cards – but that too is going digital.

Digital Currency

Amid a flurry of new technologies, such as Google’s new mobile wallet and payment-accepting applications, MasterCard Worldwide set out to see just how close we are to making cellular payments a (virtual) reality.  Of the 1,000 consumers they surveyed this past April, 62% of those who use mobile phones say they would feel comfortable using it to make credit card processing payments.  Perhaps even more telling, 65% of respondents between 18 and 35 said they would “feel more naked” without their phone than without their wallet.  The future, it seems, is here.

Some Barriers Remain

There remain, however, legitimate concerns over the security and privacy of accepting credit cards through mobile devices.  But the public seems ready to take the risk and embrace these new technologies.  “2011 is the beginning of the NFC mobile payments era,” boasts MasterCard’s mobile group executive Mung Ki Woo, “and consumers are eager to get their hands on the first commercial deployments in the U.S.”

You can certainly add me to that list.  ”I don’t like to carry my wallet. My osteopath says that it’s bad for my spine. Throws my hips off kilter.”

Just one question: Where do I put my driver’s license?

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