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Should you use your smartphone to pay for things?

Apple iOS7

(WTVR/CBS News) – We use our smartphones for everything, but is it safe to use our phones for online payments?

According to CBS News, smartphone owners bought $500 million worth of goods and services using wallet apps in 2012.  The number is expected to go up to $35 billion in the next three years.

Credit card companies like Visa and MasterCard are planning to allow customers to make purchases by tapping their phone into a store’s card reader.  The service will use technology found in the Android system, which will remotely store credit card information, rather than on your phone.

A report by Kaspersky Labs says that 99 percent of malicious software attacked the Android platform two years ago.

Read more on CBS News.