[makmanalp]

>>(but don’t worry, it isn’t stored on your device, it’s securely stored in the cloud)

Wow, I thought the decentralized way was better, since it makes it very hard for malicious people to get to a significant amount of info, and keeps the data in your control. It's interesting how the notion of security is being flipped over completely.

[StavrosK]

I came here just because of that line. How is that any better? "Don't worry, your info won't be securely kept in your phone, instead it'll be saved on the server of some guy you've never met".

[kgermino]

That was my first thought too but as I think about it storing the info in the cloud is probably better for me. Sure on a large scale if the company stores the data on your phone the data that company stores is decentralized; however look at it from an individual perspective my smartphone is an extremely centralized "life storage device." If someone gets your phone they get your contact list, your emails, text messages, calender, social network info, etc. Why add credit cards to the list?

Additionally if you keep everything on your phone you need to spend more effort making sure your phone is secure. If I keep my CC's on my phone I need to make sure my phone is as safe as my wallet, and anyone who sees my phone will know that they can take my phone and get my credit cards.

If the info is stored on the company's servers than they are responsible for keeping it secure. Given the value of the data they have security would (hopefully) be an integral part of the system. On top of that, if a breech does occur the company is responsible for anything that happens, and the odds of the criminal using my specific info is less than if someone took my phone.

[chopsueyar]

You stole the quote I was gonna use!

Besides storing all your important information remotely, how about the fact it won't work in areas of no connectivity or when your battery dies.

My credit card and dollar bills do not suffer from the aforementioned dependencies.

[tamersalama]

I waited in line for 30 minutes today - and then discovered that I forgot my wallet. I had my phone though.

[chopsueyar]

My phone died yesterday and I forget my charger cord, but I still had my wallet.

[ElbertF]

This alone is reason enough for me not to use it. I'd much rather have a pre-paid system to replace cash (< $500.-). For larger purchases I'd still use my card.