Cell Phones Now Playing Role of Wallet
Bruce Meyerson, AP Business Writer, reports on the use of cell phones for payments.
"The benefits of having a wallet on your phone with multiple cards are overblown," said Murdo Munro, a MasterCard executive involved with PayPass. "If a consumer has to boot up an application on the phone, and then go through four or five menus, and then choose a card to make a payment, that's an awful lot slower and less convenient than just taking a card out of your wallet."
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