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The Future of Wild Ways You'll be Paying for Things

Yahoo's David Pogue gives a sneak peak of what your wallet will look like soon.
3:00 | 02/18/14

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Transcript for The Future of Wild Ways You'll be Paying for Things
Now your friends can no longer use the I forgot excuse when it comes to paying you back square cash lets you request cash by simply sending an email. David -- is anchoring columnist for Yahoo! technology -- give us a sneak peak of his latest column. New radical ways to pay for things hi David nice to hear from -- -- so what what are the new radical ways to pay respects. Well this week in China -- common reviewing this thing you policy it out of the loop I see that. And believe or not this is a contact was way to store your credit -- -- it has a little schemer and act. Take all your credit cards and when it's -- This and your phone actually plug -- into the headphone Jack. In -- the cars. Through the the scanner here in what it's all over. You can dial up anyone of those credit cards just by tapping its name on the screen here in then leader not you hate. -- walking up to the cash register wherever that the cashier would normally -- the card. Eighty bring this close to it within three inches it never touches it no card leaves your wallet. No nothing is ever physically skins -- -- -- that the target fat. You know that happened recently -- -- That never could have happened because this credit card is beat. Wirelessly. In the sued the credit card -- slot which can which thinks the need to actually scanned -- -- -- -- physically. So it's actually traded -- -- finds -- -- really freaky it it -- out years. What's even more adjusting it is that it took options you can detach its. From the bone in whatever credit card -- -- last is now stored in here here's a tiny button. Makes it big -- -- -- -- city gets 42 dollars for groceries I put this close to the credit cards in her press the button. Everything went as the lights -- -- she scanned the garden she was really impressed so. Two ideas for this one is security right. This won't work without the phone unless you set it up that way the phone won't work without this in every time you try to switch cards. Or look at it -- This requires. Four digit password so it's considered it's very -- thought through in terms of the security so. The whole idea is to take this -- bulging wallets. And eliminate them down -- A tiny little thing that they hope soon. To build into Smart watches and night opener in April they're gonna sell -- case that has this built into the phones he won't need this. Hold your phone next to the credit card slot. I -- Site needs a lot David I I get when you read about security at least in terms of what happened in the previous target data breach but -- -- as well as any wine. That any criminal that is targeting. Any type of cyber terrorism is going to constantly be evolving in coming up with new ways to target cell. You know this type of device could certainly work today in this world but. In the future aren't they're going to be issues that no matter what we do. -- is -- security is concerned. Well I guess yeah. -- -- you have in mind and not. I'm not -- -- so I'm not here to defend it but but so far. And I can't see it -- -- towards the juror then and yes I mean this is a credit card if someone has this bacon -- and spend my money. So that's that's not true this race that they had as they can't spend my money unless -- opted to do that detached mode gain in unit ended in a clever thing. You can set it up so that it works for only two minutes pretax. Ten minutes -- so for expert for government paying for our restaurant meal. I can hand this to the waiter. It's only good to swipe for ten minutes and at the credit card data is deleted or eight hours than getting it it's like Kidd for the day. After eight hours stops working or never and that yeah. Are not -- it also says what happens at the -- dies. Still works. -- has its own battery charges on better yet you also. There's just declare why they say that you know that we EZ credit -- the same way for thirty years. -- understand it is going to be a transition there are some places where it is -- this doesn't work and that is like gas pumps. Where it has the inserted fully. In inside the slotted it hits the switch that makes it agreed to corridor so it doesn't work -- those any reckoning he's still carry one part. -- it and he's still here is the question. -- accompany -- bringing us today -- square ash. -- -- -- fascinating it's a way to make person to person payments. By email. And it's incredibly simple you don't sign up. There's no count there's no password. All you do is you and I send you email let's say you're my kids piano teacher. You know I knew I need to pay you forty -- but so I expect an email to you. And I -- -- to cash at square dot com in the subject line is the amount. And that is it you'll get the first time we do it will each be asked to put in the number of our debit car. And from then on the catch is instantly deducted from record that occurred in credited your -- -- -- -- nothing more than an email it is free so there are similar things like eight elbit. They'll take a hit they don't take piece of it but this is totally free and quite ever us. What do you think the goal of square is David do they wanna be a -- candidate -- they wanna go public. I I have no idea right now I think -- their goal is to. Revolutionize -- UPC they also need a little bit little square card reader -- -- -- it was -- credit cards. It looks a lot like the loop actually. It -- insisted it. -- David we really appreciate you joining us fascinating stuff you can see more of David -- Collins and work at Yahoo.com. Thank you have a great day.

This transcript has been automatically generated and may not be 100% accurate.

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