Nokia, Cingular, Citibank, and Mastercard trial cell phone as credit card

Imagine using your cell phone as your credit card. The cell phone has long taken a spot next to your wallet, but now it may replace your wallet altogether. Nokia, Cingular, Citibank, and Mastercard have announced that they are working together to trial a NFC (near field communications) based credit card cell phone in NYC.

Although this system is for making transactions more convenient, many people fear that it will make stealing more convenient for thieves as well. Security flaws already reported in the currently available Paypass Mastercard system also doesn't help matters. However, for those who are interested in participating in the trial, you can sign up at by December 20th.

Nokia, Cingular, Citibank and Mastercard to trial the credit card phone [Via: Gadgetell]