Paul Jacobs, Qualcomm’s chief executive officer, told CNBC’s “Morning Call” that he believes the cell phone morph itself into a payment device, eventually making your old-fashioned leather wallet obsolete.
Advertisers will be able to send customers coupons that are automatically redeemed when buying the item, Jacobs said. A cell phone also could be used to send money to kids at college as needed. “I think people will see their phone replace their wallet,” Jacobs said Thursday.
Also coming soon on your cell phone: 3-D gaming and improved navigation capabilities.
“The third generation of cell phones is growing,” Jacobs said. “There are over 460 million subscribers using third generation systems in the world today. We’re seeing continued growth in the number of handsets that are being shipped and also the kinds of services you can do over the phone.”