New & Amazing

So, while browsing through some tech articles, I stumbled upon potentially the coolest thing ever! I had heard about the possibility of this happening, but for some reason I assumed it was years in the making. To my surprise I see the technology is here, and will be in stores in a few months.

I am talking about the small little square that plugs into your iPhone or iPad that will allow you to take credit and debit card payments on your mobile device. Amazingly cool right? As the NY Times article cleverly points out, there are many practical every day uses for this little gadget such as splitting bills with your friends when you go out to eat. Or when someone owes you money and they say they don't have enough cash to pay you, they can just use their credit card to pay you in seconds using your phone.

I'm sure there are hundreds of new uses for this revolutionary device, but what about the potential drawbacks to such easy access to credit card payments. It seems to me that this may create a whole new world of fraud.

If I were a bad person, and I needed some extra $$, what would stop me from taking the credit card of someone near me and in seconds, swiping it using my phone then using the newly enlarged balance for my benefit?

While it would make a lot of things much easier and more convenient.. It would also create a magnitude of new types of fraud. This is definitely a trend I will be watching closely to see how it develops and what kind of commentary is generated about the uses and implications of turning each of us into walking credit card taking machines.

Check out the article if you have a minute or two. It is extremely interesting and insightful.

http://www.nytimes.com/2010/04/29/technology/29cashless.html?src=twt&twt=nytimes