Cell Phone Credit Cards

In countries like Japan and China, consumers are more likely to have cell phones than credit cards. The case gives an example that only 5 percent of Japanese uses credit cards for their personal spending compared with 33 percent of Americans use credit cards. Furthermore, cell phone providers view this new technology as way of bringing attention to their network and creating a useful and convenient image for cell phone usage. MasterCard International and Nokia are testing this new product for the U.S. consumers. The product contains a chip with the user’s information and a transmitting circuit that allows consumers to have purchasing power in their communication device.