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What if you could use your cell phone as your credit card? It’s convenient enough as everyone has a cell phone, and nowadays, no one leaves home without it. Well, Nokia, Cingular, Citibank and Mastercard have announced that they are going to do a trial of a credit card based cell phone system in New York City.

Skeptics have already said that it will be easier for thieves to get the phone out of your pocket (than to steal a credit card alone) and there have also been reports of security flaws in the system reminiscent of the Paypass Mastercard system currently available.

Signing up will be on a selective/limited basis but if you do get picked, you’ll get a trendy NFC (near field communications) phone to tap into your bank account when you start spending. To sign up, go to www.nyctrial.com by December 20th. You must be a Cingular subscriber and a Citibank account holder.

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