Cellphones As The New Currency?

Mastercard is currently testing out new technology that will allow cellphones to function as credit cards. The test is being run in New York, Atlanta, and The Bay Area. According to The New York Times, the cellphone as credit card technology has already been implemented in Japan for the past five years.

The cellphone as a credit card technology embeds a user's account number onto the phone, sim card, or SD card. The phone is then waved in front of a scanner that can read the information and complete a financial transaction.

Am I the only one who thinks that all of this technology is getting a little out of hand?