Credit cards may soon be as outdated as vinyl records

Source: NEW YORK (CNNMoney) — Credit cards may soon be as outdated as vinyl records. (Remember those?) And this is the year that the slow, steady march to oblivion begins.

While companies have been experimenting with contactless mobile payments for years, 2011 is expected to be the year the technology really takes off. That’s because millions of phones capable of making contactless payments are expected to be shipped out in 2011…

As a result, this pay-by-phone market is forecast to make up $22 billion in transactions by 2015, up from “practically none” last year, according to research firm Aite Group.

Personally, I can’t wait to free myself of the plastic. I often forget my wallet but almost never forget my iPhone. Who knows…maybe I’ll be collecting credit cards in 20 years

-PG