The Mobile Credit Card Terminal

Let’s face it, Americans love their smartphones. Why else would we call them crackberries? It’s an exciting, mobile world of possibilities at our fingertips without the limitations of a traditional computer. Keep in my that in true capitalistic form, these smartphones have already destroyed previous technological competition. We have already bid fair well to the calculator, mp3 player, camera, watch, ect.!  What’s next?

Credit cards

Imagine never having to carry your wallet again? Your smartphone would simply have a built in credit card and identification system! Fascinating? Scary? How about both?

With obvious security and social repercussions, the possibilities for buyers and sellers are enormous but I’m not getting into that today. What I want to communicate is the idea that when any new technology comes out we should raise a few questions immediately. What about privacy and security? We already battle identity theft pretty aggressively, what happens when our ENTIRE lives are in one hand held device? Will new insurance policies spring up? Strict fingerprint access to these devices? We have to be careful what we do because with each technological innovation tips the power scale and how we deal with it sets a precedent. Remember, technological innovation equals power. Throughout history, new technologies have been the start and end of lifestyles and economic ecosystems. Google already might as well be called “big brother” and credit card information is just another file of information they have on you. So what’s the next line and who will cross it? Who will regulate it?

Just food for thought on a lazy Sunday…


p.s. More thoughts on mobile security brought to you by GigaOM

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