Ditch The Wallet by Paying With Your Phone Number

Quite a few companies have been working on technology that would allow us to use cell phones to purchase movie tickets, food, and conduct other small transactions. Nokia demoed the Nokia 6131 with NFC technology at CES earlier this year, which our Gadget Hound got to attend. Apparently, you tap your NFC-enabled phone on an NFC-enabled machine or poster to pay for your small purchase. Sounds great, but what if your wallet is lost or stolen? That means anyone who finds your phone could easily rack up a bill until your disable your account. Same goes for the now popular Paypass, but I guess that's always going to be a concern as long as we pay with credit cards or cell phones.

A new company called Mobibucks is trying to change all that by allowing you to pay with your cell phone number and a secret 4-digit PIN code. Like Paypal, you must first open a free account online, then add some money into it. The next time you need to pay for a bagel or coffee, you simply enter your cell phone number and PIN at any Mobibucks terminal, and you're done. The system confirms your purchase by sending you a text message, and also tracks all your transactions online. I like the way this system works, except only 23 stores accept Mobibucks at the time. I hope this changes soon, because I like the idea of not having to carry a wallet everywhere. What do you think about Mobibucks? Would you use it?

Related:

Cell Phones to Pay for Movies and More
PayPass Coming To A Wrist Watch Near You
Finger Scanners to Replace Credit Cards