Black Friday future: Your phone will be your wallet

Black Friday future: Your phone will be your wallet

It's important to keep up-to-date on the latest shopping trends for this Black Friday – and future Black Fridays.

On the top of the list: your wallet. And how you soon may be able to leave it at home while you shop.
   
In the near future, your phone could become your new wallet.

The way it works is not complicated. You download an app, load up your credit card info, and get ready to pay just by touching your phone to the register.

A video from Google Wallet shows how it works. Just hold your phone up - and you're paid up.

Near Field Communication technology, or NFC for short, lets you make your purchase.

Tristan Waddington is a software developer in Portland where he works on developing mobile phone apps. He pays with Google wallet at a 7-Eleven and can easily track what he buys.

But he says the Google wallet is not perfect. “Most merchants don't have that technology yet,” he admits.

And if you have a poor cell phone signal, you may also have problems paying.

“Sometimes you can go into store and try it a couple of times and it doesn't work until the second or third time,” he said. “So that can be frustrating when there's a line of people waiting to check out.”

Another system you may see in the stores, called Square, is already in use at Starbucks.

You walk in, and your name will appear at the register.  You give the nod, and the cashier clicks you through.

“The ultimate benefit is that we just get rid of credit cards, right?” Waddington said. “So you no longer have a wallet with three to four debit cards you have to sort through every time you make a purchase.”

And this is just the start.

The prediction is, we will all be using our phones as wallets in stores by the year 2020.