Sony introduces new phone to be used as mobile wallet

A new smartphone offering from one of the world's largest tech companies may help to speed up the adoption of mobile wallet technology.

The new smartphone from Sony known as the Xperia sola comes with near-field communications technology, which is crucial to the phone being used in the burgeoning digital wallet trend, according to a report from TG Daily. This allows the user to load their credit card payment information onto the phone and then wave the handset over a touchless sensor to make a purchase instead of swiping their credit cards as they would today.

The phone will also use its NFC technology to make use of what the company calls SmartTags, the report said. These NFC stickers will essentially allow the user to change the phone's settings just by waving one over the other.

Mobile wallets are more secure than traditional purchasing methods because of the way they encode credit card data, but consumers will still need to be vigilant with other aspects of their finances. By checking their credit reports regularly, consumers can make sure there are no unfair or errant markings taking a chunk out of their credit rating.