Nokia, LG, Samsung and MasterCard to turn cell phone into wallet

Several companies are working together on a project that will allow consumers to pay for goods and services by swiping their phone like a credit card. The industry is moving toward a single approach instead of credit cards and cash. Making a purchase would be easy as waving your mobile phone over a wireless reader. Similar systems are already being used in Japan and Hong Kong. Security is the first thing that comes to mind when I think of a system like this. What if someone steals your phone? ...or your loose it? It may be very convenient in some circumstances...but if the purchase still requires an ID, what's the point?