Not waiting until there’s an actual product to criticize, pundit John Dvorak pees on the good idea and potential of smart phones with near field communications as a wave-to-pay technology, with a different angle:
But this “good idea” isn’t about the convenience of paying with a phone swipe, but the idea of running your tab through the phone company. If you think your banker is a gouger with dubious fees and no-leeway, what do you think the phone company will be like? Yes, let AT&T handle all your money for you, and see how that works out in the end.
I can’t imagine that AT&T or any other major phone company could handle the transactions handled by major banks and credit card companies.
Do not let AT&T or Verizon or any phone company anywhere near your day-to-day financial transaction business!
You’ve been warned.