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Replace our wallets with phones

by jenx

Coronavirus could help tech companies replace our wallets with our phones

When the coronavirus pandemic finally recedes and we can rejoin society. Many of us will go through our ritualistic personal pat-down. Before heading out to make sure we have our keys and phone. What we may not need is our wallet.

Apple, Google, Amazon, Facebook have been eyeing our wallets for years.  Now they might just get them.

Trust and tech

pay wallet

Fast-forward to today, and the list of ways to tie up your finances with big tech companies is large and growing.

The moves by Google and Apple underscore a major push into financial services by the biggest tech companies in the world. But the effort could be dogged by Silicon Valley’s past scandals, as the public, lawmakers and media. Take a harder look at the tech industry’s privacy and data collection practices.

As Google and Apple work on credit and banking services, Facebook’s own financial project, a cryptocurrency service called Libra, has been met with intense regulatory scrutiny. On Thursday, the social network unveiled a version of the service that’s similar to payments products like PayPal — scaled back from its initial vision of reshaping the global financial system.

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