| December 10, 2010

Smartphone credit cards receive set backs

In recent months there have been many reports suggesting mobile smartphone technology could soon replace credit and debit cards as a type of mobile wallet.

However, despite the recent innovations by companies such as Google and Apple, consumers hoping for the next big credit card technology may have to wait a bit longer.

Google previously reported it was close to creating a cell phone that was capable of near-field communication, which would allow smartphones to be used as credit cards. But the company’s new Nexus S and other NFC-capable Android phones act as barcode scanners, not fully functioning wallets, according to industry news source Android Police.

Therefore these new phones are capable of taking in information, but not sending it out, the news source says. This means the next line of Android phones will not be able to act as credit cards due to the fact that they can’t transmit information to sales equipment such as cash registers and bar code scanners.

While this next innovation may be around the corner, the hold up with NFC technology may mean it could be some time before smartphones are fully able to replace credit and debit cards.

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