Replacing Wallets with Mobile Phones

In an article titled "One More Thing Cellphones Could Do: Replace Wallets", Dan Fost writes for USA Today about using mobile phones for payments. "It's relatively easy to make cellphones very secure devices," said Allen Weinberg, managing partner at Glenbrook Partners, a Menlo Park, Calif., financial services and electronic payments consulting firm.

He said the encryption is "as good as or better than what you do with an ATM or at-home banking. No one is going to pick up your phone and start moving money around the world. It's just not going to happen."