Look Ma, no cash, credit cards or wallet – I’ll pay now using my iPhone!! (TechCrunch must have missed the ‘memo’ – http://tcrn.ch/geYvMd)

Don’t you see it coming? Put in your PIN number, and pay with your iPhone through iTunes. C’mon, what have you missed? 30% fee you say? Yes, maybe a bit much for a retail merchant but that can be adjusted for retail down to compete with AMEX, VISA and MC easily.

Your physical wallets (which many of us lose very often) credit cards (which are nothing by ‘fraud machines’ and cost BILLIONS in fraud every year and are also lost) are a thing of the PAST!!  Apple with its lock me down iTunes store policies and passwords and pins COULD become a monster virtual credit card overnight. You’ve got your phone everywhere with you, therefore why not use it to pay for everything from groceries to TV’s?  A Retailer can simply accept an iTunes pin and password (using a software update package to its server/system), take a merchant fee transaction ‘hit’ and not be bothered with cash or credit card fraud, swiping the card, expatriation dates, back of the cards 3 digit ‘special number?

Eh, am I barking up the wrong tree?

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