Cell phone as a security tool

Recently, I used my credit card for a transaction that was above 3ooo INR and guess what? Even as the transaction was completed, I got an SMS on my phone giving me details of the transaction. While I was impressed by the speed of it, the best part of it is the security aspect. Imagine if you got an SMS that said that you just completed a transaction at "xyz" for 20,000 rupees. It makes it easy to catch a forgery or go on the tail of someone who has stolen a card. Neat.

The range of applications that a phone can be used for is limited by our imagination. Already there are places where it can be, variously, used as a key to your bank account, filling petrol, electronic wallet and perhaps, it is really the key to the future...