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Smartphones to become new currency?

Published by Steve Coleman on May 15, 2012

Banks and mobile phone companies plan to take the paperless society to the next step.
The Canadian Bankers Association released new standards May 14 that allows consumers to pay for purchases with their smartphones.

New technology on the way is expected to allow people to swipe their phones, instead of their bank cards, to pay for purchases. Analysts predict major banks and cell phone providers will soon start making announcements that they've reached agreements to start delivering the technology.

The guidelines resulted from a federal government task force in 2011 that reviewed Canada's payments system.

Read more on what's in store at the following link.

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