Are You Willing to Trade in Your Wallet for a Smartphone Wallet?

If you’re a guy like me, you probably keep your phone, keys and wallet in your cargos. If you’re a lady, well, you probably have more than that in your purse (and that’s okay ladies). With all this stuff weighing us down, wouldn’t it be nice if you could get rid of your wallet for good? Or would it? Really, I’m asking you.

What’s a Smartphone Wallet?

The idea behind a smartphone wallet is that you’re able to use your phone to hold credit and debit card info which allows you to purchase goods and services straight from the device. Yes, I know, you can do that already, but what I’m talking about here is a point of sale system where your phone passes payment info directly to the seller’s device through a special new microchip (an NFC for all you geeks out there).

Imagine this scenario: You walk into Walmart and buy a couple of household supplies. Instead of breaking out your wallet and fumbling with cash or cards, you simply pull out your smartphone, launch an app, and hit “pay” without thinking twice. I think this is the vision that’s soon going to become a reality. Don’t believe me? Let’s consider a few of the players that have already entered the game.

Google Wallet

Google Wallet proves that large companies are serious about making it easy for you to spend your money from a smartphone. Google Wallet has been available for over a year now, but it hasn’t gained much traction – yet.

Google Wallet is currently accepted by a host of retailers, including Old Navy, Jamba Juice, Sports Authority, Radio Shack and more.

Another major element of Google Wallet is the ability to use coupons straight from your smartphone. Simply select the coupon when you go to purchase, and boom (to quote Steve Jobs), you have a discount.

iOS Passbook

While Apple isn’t advertising Passbook as a wallet, it’s pretty clear that it may just become one some day. After all, you’re able to pay for things via gift cards on Passbook, so why couldn’t you connect your bank account in the future? I think Apple is going to want to eventually take part in this revolution.

Will You Make the Switch?

Most likely you’re in one of three camps on this issue. You might be terrified that one day our phones will handle our money and think it’s just one way for Skynet to control us. You might embrace the new technology and never pay for things with cash or cards again. Or, you might be on the fence about the idea. Speak your mind in the comments! Are you willing to trade in your wallet for a smartphone wallet?