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Smart phones already enable to snap photos and bank online. Now banks and credit card companies think it might make sense for phone to take over the functions of credit and debit cards. Bank of America, which recently tested what's known as mobile-payment technology in Charlotte, N.C., just began a bigger-scale pilot in New York City. While consumers have embraced mobile payments in Japan and Korea, the Federal Reserve Bank of Boston says in a recent report that it doesn't expect widespread acceptance in the United States for at least three to five years, when phones are replaced and more merchants buy devices that interact with the technology.
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