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    Wallet of the future? Cell phone carriers launch tap to pay

    7:06 PM, Nov 14, 2013   |    comments
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    BENTON, Ark.(KTHV)- The traditional leather wallet may be a thing of the past.  That's because your smart phone may be the wallet of the future.

    Erwin Levy with Verizon Wireless said it will take the bulk out of your wallet.

    "This is the next generation of mobile purchasing, if you think about it. Instead of carrying your wallet or your credit cards on you, your credit card is associated with your phone,"said Levy.

    An application known as ISIS launched Thursday for Android phones on multiple carriers and the app will soon will be available for iPhone users.

    Levy said ISIS takes the pain out of carrying multiple cards and allows you to need to add your credit or debit card information onto your phone.

    "It's much more secure, it's much more convenient, because you can leave your credit cards at home if you want to. Anywhere that accepts contactless payment you just tap your phone and it makes it that much easier."

    25-year-old Allison Walker said her cell phone is with her every second of the day.

    Walker said the mobile wallet is an enticing application for the digital generation.

    "I think people will get rid of their cards. Keep them at home, probably. Use their phone a lot more," said Walker.

    Levy said you simply tap to pay.

    "You simply take your phone and you hold it up to the credit card terminal, it will probably have a symbol on it telling you where to hold it. Hold your phone up to that terminal and your payment will be processed."

    But with credit card theft and fraud as widespread as ever--some consumers might be asking, is it safe?

    Levy said it's a very secure method of payment.

    "All your information is stored on your SIM card, not even on the phone itself and that SIM is encrypted, so if somebody has your phone or has the card, they won't be able to get into the SIM to get your information."

    Walker is excited about having the app available for the holidays.

    "It will keep you from having to worry about someone robbing you or whatever. Especially through the holidays,"she said.

    The app also tracks any special offers or digital coupons from card vendors and retailers.

     

     

     

     

     

     

     

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