Already a device of multiple disguises, from camera to music player and mini TV, the cell phones next trick may be the disappearing wallet. After all, since more than a quarter of the people on the planet already carry around cell phones, and hundreds of millions are joining them every year, why should they bring along credit and debit cards when a mobile device can make payments just as well?

Technology moves in leaps and bounds…can we as ordinary citizens keep up, in fact do we need it?
It is something you ask yourself but there is no doubt that the multitude of uses you can use your mobile phone for is certainly encouraging many to buy or upgrade their current phones.

At the simplest level, all thats needed is to embed phones with a short-range radio chip to beam credit card information to a terminal at a store register.

This Associated Press report explains further.