This segment is not actually Radio Frequency ID, but it is a related issue. People are so hell bent on convenience that they, more often than not, fail to think of the long term and devastating possibilities.
Now you will be able to pay by using the smart technology within your phone. there are, and will be more, applications granting access to your banking institutions to pay for your purchases. Many of the loyalty card programs are looking into similar technology for purchase discounts.
What exactly are the ramifications for this in your life? How secure is your phone and the signal it uses? Most people do not even pass-code their phones, because it is inconvenient. How inconvenient will it be when your account is wiped out? Now your phone will contain access to all your financial data, all of your purchasing data, purchasing habits (i.e., food, clothes, technology, etc.)
By pushing everyone to use credit & debit cards the banking industry is really striving toward a cashless society. In doing so, they are forcing everyone to make purchases with a flippant and cavalier approach and will cause much more debt spending in your life than if you were using cash. A study was done (I heard about it on the Katherine Albrect Show http://www.katherinealbrecht.com/index.php?option=com_content&view=frontpage&Itemid=1) in which a study was done when cash money is being used to pay people tend to be more mindful on the expenditures; whereas, with the airline industry they are no longer taking cash on flights and you are forced to use credit card and you are more likely to spend more with its use. This is because most people do not want to spend such a small amount on a card and will be more flippant with its use.
It is already a well known fact that such technology can be used to monitor your actions, expenditures, and conversations. With the advent of many District Court decisions which permit police to do so without any warrants.
I am always concerned when privacy is concerned…it is not alright when the tech savvy peeping tom down the street does such things, but it is legal when the government does it????? hmmmmmm!
Here are some articles to view: