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Your Phone as…Your Wallet?

Remember those keychain credit cards from McDonald’s, gas stations and other establishments?  The idea was to link it to a credit card and upon purchasing goods, just “swipe” it as you would any credit card.  Simple and convenient.  The same kind of technology is starting to arrive on Android phones.

Called, “Google Wallet”, shoppers can authorize an application to charge a preexisting Citi MasterCard card or deduct money from a prepaid debit card (you can add funds from your bank account or a non-Citi-card). Google just announced today that Wallet will also soon support Discover, Visa, and American Express accounts. It will be interesting to see if people take advantage of this.   Hopefully security measures will be bulked up to protect you and your purchases if you ever lose your phone..

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