Will That Be Cash, Credit, Or Cell?
Business Week takes a look at turning phones into virtual wallets for payments.
C-SAM Inc., a tiny, privately owned software developer in Oakbrook Terrace, Ill., is expected to announce plans on June 20 to roll out a service early next year that will allow people to use their phones as credit cards. Says C-SAM CEO Sam Pitroda: "I believe the whole concept of money is going to change.""For U.S. consumers, it has to be simple to use," says Tom J. Manessis, Visa's head of emerging opportunities. "To click through six menus is not simple."
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