Visa has introduced a novel way to pay money in Malaysia. Customers can now use one of the specified mobile phones with a chip attached and all that they would have to do is wave the phone against a receiver that reads RFID. When connected to Internet, the user can pay the amount the same way it works when you swipe your card.

However, the advantage here is that many accounts from multiple banks can be attached and when enabled with Bluetooth, other facilities presently not available can be synced. The cellphone could become the alternative to multiple cards in your wallet. However, I worry about the security and if one loses the cell phone, you would not even have anything to call up the multiple banks your cards are associated with.

It certainly is very convenient but there are risks of losing the only cellphone you have and with it, all the cards you possess and also not being able to contact the banks for blocking the cards as you would presumably not have a phone immediately. Nevertheless, this technology could soon be developed and made fool proof before being introduced in other countries.

Via: NYTimes