Many in the credit card and mobile device industries have been saying for some time now that it's just a matter of time before mobile wallet technology was adopted on a large scale, and that day seems to be drawing closer all the time.
Currently, there are more than 10,000 credit card transactions processed every second, and the grand total value of those purchases climbs to more than $2.5 trillion every year, according to a report from Daily Finance. And thanks to new development strategies by companies in several fields, it's very likely that within the next few years, there will be a large number of smartphones capable of completing those transactions without using a traditional credit card.
Estimates from Juniper Research shows that some 20 percent of all smartphones will be NFC capable by the start of 2014, the report said. And by 2015, mobile card purchases will triple in value from the current level, to $675 billion.
Mobile wallet purchases are more secure than those using traditional credit cards, but consumers who want to fully protect their finances should also check their credit report regularly to identify any potentially incorrect or unfair markings.