North Americans Ready to Use Phones as Credit Cards

It appears as though North Americans are just about ready to begin using phones as credit cards. We have already seen the evolution of smart phones into devices that can keep us connected -- no matter where we are. And, thanks to continued advancements in technology, it is even possible to use a smart phone as a credit card. Being able to scan your cell phone at check out, using at as credit card, could simplify matters a great deal.

Are we ready to use smart phones as credit cards? According Mobio, we are. A recent survey indicates that 94% of North Americans would make a mobile payment. As long as they were confident it was secure.

Security a Concern for Canadians and Americans Interested in Phones as Credit Cards

The biggest thing holding North Americans back from using their iPhones and Android phones as credit cards when going through the check out line is the worry that the transaction won't be secure. Assuage those fears, and the cell phone could muscle out credit cards -- just as it is muscling out GPS devices, music players and digital cameras.

IntoMobile breaks down the information from the Mobio survey to describe who is most interested in using cell phones for mobile payments:

When you break it down by age it’s the 35 to 44 year old segment that’s most interested in mobile payments, with 84% saying they’d use their mobile phone to make a purchase versus 77% overall. For the sexes it’s the men who say yes to mobile payments 85% of the time compared with 73% for women. And as for the country, 86% of Canadians give mobile payments a thumbs up versus just 72% of Americans.

Canadians appear ready to move forward with technology -- and the convenience it offers. Canadians are using credit cards more and more, and they are ahead of the U.S. in various forms money transfer and banking. It isn't too surprising that they are more interested in using mobile phones to make credit card payments.

There are already applications that allow you to store loyalty card information and credit card information on your smart phone. Additionally, you can even store coupons on your phone. All you need to do is have a bar code scanner get the information. However, advancements in technology could mean an even easier way to pay. All you would have to do is wave your phone near the card reader. Simple and convenient.

Of course, there are concerns associated with having all of your financial information on a mobile phone. What happens if your device is lost or stolen? You could end up with someone able to run up your credit cards fairly quickly. If you do decide to use your phone as a credit card, it is a good idea to limit which Canadian credit cards you keep on your phone, so potential thieves have access to fewer accounts. You can also get apps that allow you to remotely disable the phone so that it becomes unusable if you misplace it, or if it is stolen.

It seems inevitable that payment by cell phone is on the way. As long as you are careful, you should be able to use your smart phone as a credit card without too much trouble.

What do you think? Would you use your phone as a credit card?