Yesterday, Visa, the world's largest payments processor, announced a series of advances to its system. (Check out the vague, glossy promo video here.) They include some handy tools to make paying for goods online a whole lot easier. But they also indicate that Visa is hurtling toward turning your smartphone into your credit card.
This technology is already being used around the world. I'm actually for it, because I think it's safer than throwing around the numbers themselves. The plastic is just something you have to carry, after all. The password protected system is safer if people can truly make a special password and hold up to some security standards. No sharing with that guy you've dated for a month, or using the same password that you have on your email account, or writing it on paper. People who previously refused to participate in technology and online accounts will be brought in kicking and screaming.
The move is inevitable. The full article explains some of the background fighting to shape the technology to shut out competition. Right now there are no clear leaders, but Google's Android domination would make the most impact, and Visa is trying to insert themselves as a middleman so they can continue to profit from the transactions. If they do not succeed, it will be a devastating loss for them.
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