The heads of two major online handlers of credit card debt – eBay and Boku parent company Andreessen-Horowitz – recently participated in a discussion in which they agreed using a mobile phone is the safest way to make a purchase online, according to a Mashable report. John Donahoe, eBay's CEO, also noted that he expects consumers' mobile phones will soon replace their wallets.
The reason for this, Donahoe said, is phones don't save any financial information unless the user sets them to do so, Mashable reported. Marc Andreessen, speaking on behalf of Boku, said consumers will routinely take on credit card debt with their mobile phones rather than traditional payment methods in the near future.
Consumers who want to take on credit card debt to make a purchase on their mobile phones should be careful that their handset isn't using a Wi-Fi connection, as this may make it easier for someone else on the network to access some of their personal information.