Digital credit card?

[razz]

Thought this was interesting enough to post.

"Digital wallets are on their way to replacing their leather counterparts for many Canadians within the next two years, according to retail and communications specialists...
The seeds of digital wallets have been sown already — Google and PayPal have versions set up for payment. Visa’s digital wallet works on some LG, Samsung and BlackBerry phones for direct payment, including the BlackBerry Bold 9900 and 9790 models, as well as the Curve 9360 and 9380...
Every developer says security is a huge issue for consumers.

Research conducted for PayPal Canada found that 43 per cent of people don't trust their smartphone to keep their personal information secure, and more than 80 per cent worry about financial privacy while making mobile transactions.

But the developers of digital wallets believe they will be even more secure than traditional ones.

"If there is a transaction that occurs on an e-commerce site that you didn't make, you will not pay for it," says Colfer.

And no need to panic and call a dozen card issuers if your digital wallet is lost.

"One of the services we'll provide as carriers is we'll inform all issuers simultaneously that the cards have been compromised, and then issuers will be able to lock those accounts," Robinson says."

[Mrs-M]

The prospect of futuristic change is interesting, but being of the old-school, not at all interested in electronic stuff, type, there's still something I fancy about traditional wallets/purses. Being able to see what you're spending is a big plus, as is not having to worry over whatever you are carrying, breaking.

But even more importantly, being tied to payments and charges in light of all the modernity and technology, garners no appeal for me. I just see it as another cash-grab, where businesses behind such advancements can't wait to pad their pockets, and with consumerism being what it is, they'll be an endless lineup of giddy buyers, anxious to further weigh-down their pants/shirt pockets with more stuff. More stuff that breaks, more stuff that turns instantly redundant the second it hits the market, and more stuff that will be sure to open the doors to more deep-rooted errors and problems (when things go wrong).

No, I quite like my leather clutch, and I'll be hanging onto it for as long as I can! Anything, to avoid becoming the general populace, where my money is everybody else's money, and where having all the toys and things equates to monthly bills, payments, and charges.

What's your take on it, Razz?

[jp1]

Personally I don't want every transaction to be traceable to me nor do I want to expose my private information for every little transaction. I use my credit card for bigger purchases, for online purchases, etc. But for the multitude of little everyday purchases I'd rather use cash. I'm perfectly comfortable with the risk that I might lose or have stolen the cash in my wallet.

In my professional life I underwrite "cyber" insurance that protects businesses in the event that they have a security breach and credit card, health records or other personal information is lost or stolen. As such I am constantly reading articles about what the hackers are doing and the vulnerabilities that exist. The more I read the more I'm convinced that the problem of stolen information is going to keep growing and growing. There are so many weak links in the security of our current payment systems that just aren't taken seriously. For instance, in the US we still use old fashioned credit cards with magnetic stripes while most of Europe has moved on to more secure RFID chipped cards. We haven't moved on because the losses are small enough at this point to be less then the cost of switching, but those loss costs don't include the cost of headaches and inconveniences to the individual cardholders who have been compromised. I don't know the details about digital wallet security since I haven't seen an application for insurance from any of them, but considering how insecure the rest of the payment industry is I'd be quite surprised if the data doesn't get hacked in due time.

[Spartana]

Personally I don't want every transaction to be traceable to me

Ditto. That's why I'm an all cash, all the time girl! Plus that keeps me from overspending and over buying for impulse items. The problem though is that it is becoming harder and harder to buy something with cash (even check) or pay for things because so much is online only. I need a new laptop battery but can only get it online using a CC. I want to rent a vacation house somewhere but they only accept Pay Pal with a CC. I want to pre-pay my gym membership with a check or cash but they only take CC or do a monthly direct debit from my checking acct. My utilities company want to charge me a fee because I want to pay with a check instead of on a CC or direct debit. etc... It's becoming harder and harder to buy or pay for something directly with cash or check. Even this site wanted me to use a CC via Pay Pal to make a donation (and this is the case when making a donantion to most charities too). I didn't want to do that so for a long time didn't donate. Then they said that we could mail a check the old school snail mail way - which I believe accually cost them less than pay pal which has a fee.

[Nella]

I was just having a discussion with a friend about my notion that in the not too distant future we'll all have little implantable chips in our wrists. (Kind of like they do for dogs and cats to facilitate returning lost animals to owners.) We'll just wave our arm over some sort of device and that chip will serve as our credit cards, ID records, driver's license, insurance card, etc., etc. Anybody think I'm very far off the mark?

[jp1]

http://www.fieldtechnologies.com/school-uniforms-with-rfid-tracking-system-tells-parents-when-kids-cut-class/

We're already training kids to get used to the idea of big brother always tracking them. This link is just the first one that happened to pop up in google when I looked. I've read a number of articles about various school districts doing similar things. Personally I can't think of anything more awful.

The reality, though, is that many people are already tracked much more then they realize. One example: It's only a matter of time before GM gets subpeoned by a divorce attorney requesting that they turn over their client's spouse's OnStar records to prove an affair, for example. Even if you cancel the service they keep tracking your car unless you proactively tell them not to.

[Mrs-M]

I was just having a discussion with a friend about my notion that in the not too distant future we'll all have little implantable chips in our wrists. (Kind of like they do for dogs and cats to facilitate returning lost animals to owners.) We'll just wave our arm over some sort of device and that chip will serve as our credit cards, ID records, driver's license, insurance card, etc., etc. Anybody think I'm very far off the mark?You probably aren't far off the mark, but scratch me from the list, as my body is mine, not someone else's, nor will information/security ever be so important (in my world), for me to alter my natural state by having foreign objects surgically added to my self.