As the smartphone industry advances, we are introduced with more and more new options at our disposal. We were all wowed by the fact when we started to be able to pay with our phones by Android Pay or Apple Pay. What we can expect in 2016 is to be able to let even our credit card go since we will be able to withdraw money from ATMs with our phones.
The concept of your phone replacing your credit card is not entirely new. In fact, such systems already exist in Spain and Australia. It is time to introduce such technology in the USA, and we are very close to it.
Bank of America, Chase and Wells Fargo are all implementing their systems of contactles money withdrawal by using your smartphone. Bank of America will be the will be the first to launch this system at places such as Silicon Valley sometime in February, and Wells Fargo and Chase will follow soon after.
But why do we need this? In fact, we really do! The credit card system is more that 35 years old. There wasn’t really place for improvement and advancing, so it is not really secure. After all, whoever has your card can go to the ATM, and being password-protected isn’t exactly a top security measure. But you would be more careful with your phone, right? Not only you wouldn’t give your phone to everyone, but you would be much more careful not to lose it. And after all, the new contactless system will me more secure because the information will be encrypted and with biometrical security!