Cash, credit cards to give way to cell phones? Not tomorrow

Free range cash has several drawbacks. For the user, carrying a wad of cash can be hazardous; for banks, cash is cumbersome and offers no opportunity to charge interest; to the merchant, paying cash turns buyers annoyingly frugal; for the government, cash greases illicit business operations.

Credit and debit cards are better, but still require a physical item that can be stolen, scratched or altered.

In a digital age, therefore, you should expect a digital solution to transactions, and it looks like it might come in the form of the cell phone.