Banks: Smartphone likely to replace debit cards

Contactless payments via a smartphone will soon replace debit cards and cash. This is according to banks ING and Rabobank after successful trials with smartphone payments, the Telegraaf reports. ING launched its trial this summer, giving 5 thousand customers the option of paying with their smartphone. "During the trial the use proved remarkably high", ING spokesperson Mandy van der Bent said to the newspaper. "You often have your cellphone in your hand, which means you can pay very quickly." ING plans to have half a million account holders able to use smartphone contactless payment by the end of he year. ABN Amro does not have a payment app as of yet, but the bank plans to launch one early next year.