Wednesday, January 19, 2011

The Dawn of Mobile Currency



NEW YORK (CNNMoney) -- For years, tech companies have demoed flashy prototypes of systems that let customers use their mobile phones in place of cash or credit cards. This year, those systems are heading out of the labs and into the real world. The result: A gold rush on the next e-commerce frontier.

"There's a lot of money at stake if it's done right," says Omar Green, director of strategic mobile initiatives at Intuit (INTU).

Starting Wednesday at Starbucks (SBUX, Fortune 500) stores throughout the U.S., the cashier can now scan your phone to deduct payment for your latté from the balance on your pre-loaded Starbucks card. Splitting the dinner bill with a friend? Download Bump, and you can beam over the cash from your PayPal account.

Ummmm what the fuck? Here I am over here trying to figure out a prototype for my wallet-phone invention, and these geeky MIT type motherfuckers are just gonna eliminate the wallet completely?? Really?? What kind of shit is this?? I just go to a Starbucks and they scan my fucking iPhone?? I don't like that. Is it so hard to take out your debit card?? Plus, aren't iPhones one of the top things to steal?? So now the thieves are not only getting my phone and all my info, they're getting access to my bank?? I know I have all these questions, but does anyone think this will catch on?? I mean, if Google Checkout can't catch on, I don't know what will. I guess thats why I'm not rich.

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