Visa Phone?

A new way to pay for things has been created by Visa in the form of the Visa Phone. Visa has produced a way to pay for transactions by linking your cell phone to your bank account through the internet access on your phone. when you are checking out, just wave your phone within 4 cm of the credit card device and it will scan all your info. Thus, charging your Visa card with you cell phone.

Currently only used in Malaysia, but plans for expansion will soon see it more places. The scanning system is similar to RFID, the radio frequency identification system already used in some stores in the U.S. It uses thin electronic stickers to transmit your card info over radio frequencies to charge your account. These stickers are often places on key chains or on the cards themselves and by waving them in front of the terminal device, they pay for the transaction.

I thought this article was significant because this provides a new way of paying for things rather than cash, check, or swiping a credit card. I believe it comes with many questions though such as;

1-Will it be easy for a thief to create a similar swiping system and steal my credit card number?
2-What if it doesn't work properly and I have no other money on me?
3-What if a thief steals my cell phone and starts waving it all over town buying things? Does it at least require a signature?
4-Could this possibly make it a little too easy to spend loads of money? If it's easy to swipe, consumers may not give it a second thought...which is good for manufacturers but not for your bank account.

I agree with this new technology just because it provides convienance but I don't agree that it's the best option. I think there are alot of question to be asked and answered of it in order for many people to feel comfortable using it.