Cell Phone Credit Cards Increase 12-fold to 6 Million

The number of people using their cell phones as credit cards in Japan has grown to almost 6 million, 12 times what it was this time last year.

Users can make payments by merely holding their cellphone handset with a credit card function over a specialized reader at cashier's counters in stores.

Taxis, convenience stores….the number of readers has grown 3-4 times in the past year to around 240,000 units nationwide.

Payments can be withdrawn from a bank or other savings account and gift points aren't sacrificed. Oh, boy!

Japan has three electronic settlement formats for cell phones:

1. iD system operated by NTT DoCoMo Inc. and Sumitomo Mitsui Card Co

2. QUICPay service provided by JCB Co. and Toyota Finance Corp.

3. Visa Touch/Smartplus offered by Mitsubishi UFJ Nicos Co.

It sure is getting easier to spend money you don't have.

How much is your credit card debt?