Death of the Wallet (Excerpt via Canadian Business)

PREDICTION: YOU’LL TAP-TO-PAY WITH YOUR PHONE FOR THE FIRST TIME IN 2013. SOON IT WILL CONTROL YOUR CAR AND TV TOO

Although Canadian triathlete Simon Whitfield crashed out of the London Games in 2012, he still inspired us to greatness in the field of commerce. In November, the star athlete demonstrated new smartphone payment technology co-developed by CIBC and Rogers to complete Canada’s first point-of-sale mobile credit-card transaction at a Tim Hortons indowntown Toronto. Wielding only his phone, Whitfield bought a coffee. Soon, all of Canada will walk in his footsteps. This is our time. Believe in the power… of your smartphone.

“This has been hovering on the horizon for a long time,” says Jim Maynard, president of Wavefront, a Vancouver- based not-for profit that works with the wireless industry. Finally, the conditions are right for mobile payments to take off . In other countries, particularly Japan and South Korea, a great deal of business is already conducted by smartphone—groceries, taxi rides, subway fares. Canadians just haven’t had access to the right kind of phone.

Click here to read full article.