It's all possible today, thanks to a new type of tech called Near Field Communications (NFC).
No coins to fumble with. No waiting while the store's machine dials up your bank. No receipts to sign and then stuff into your pocket. The spread of NFC technology is a win-win for the customer and the merchant alike.
With NFC, your phone becomes your wallet. It's able to "talk" to any vendor, bank, brokerage, or credit card firm you like. This technology is set to take the world by storm.
In as little as a decade, billions of people around the world will convert to digital currency as their means of paying for the things they need every day.
There's just one thing slowing it all down right now - mobile security.
Using mobile phones as de facto wallets alarms some people. They fear that if your phone gets stolen, thieves could gain access to every bank, brokerage, or store account you have.
But that's about to change...
Making Digital Money BulletproofIndeed, much to the chagrin of thieves and con artists, mobile security will hasten the advent of bulletproof digital money used around the world.
I had the chance to talk about this with Michael Saylor, author of the best-selling new book "Mobile Wave: How Mobile Intelligence Will Change Everything." Saylor, who also serves as CEO of MicroStrategy Inc. (NASDAQgs:MSTR), told me alarmists are missing the big picture:
"I think the most important thing to be said about mobile security, and maybe mobile identity, is there are one million organizations in the world that have obsolete, ineffective identification systems now. Most of these things - passports, credit cards, driver's license, even things we think are reasonably secure, aren't. And many things aren't secure at all.
"I think that it's now possible to create a mobile identity system that runs on a smartphone which is anywhere from 100 times to 10,000 times as secure. Not only are they more secure, it's impossible to counterfeit and impossible to forge."
In fact, there are three key security features Saylor believes will make mobile commerce the standard of safe business transactions in just a few years.