UNDATED - Smartphones are not replacing your wallet, at least not yet.
Despite some hype over phone based e-wallet services, a recent national survey by Consumer Reports finds that only 5 percent of those surveyed used their cell phones for day-to-day purchases in the past month.
Consumer Reports says more digital wallet services are scheduled to hit the market soon, and the new forms of payment will grow more popular.
Consumer Reports adds that consumers must be careful to understand the costs that go along with the promise of new convenience, so make sure you read the fine print.
WTOP's Brennan Haselton contributed to this report. Follow WTOP on Twitter.
(Copyright 2011 by WTOP. All Rights Reserved.)
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