Smart phones as pure cash work fine with proper hardware security at the root. But the bulk of the market will have both, hard and smartphone wallets. Smartphone vendors have a problem.
The user always has the smartphone in hand, and usually the hardware wallet in pocket. There is a denomination issue, the user is not waving about a thousand dollar bill, that stays in the hardware wallet. The smartphone wallets will be carrying a $100 denomination.
So the hardware wallet become the master accountant, the one you pull out for serious investing. Applications exist on the smartphone, and it is a very lucrative relationship, for smart phone vendors. However, all the contracts bound to the hardware wallet. Everyone is better off with widespread use of hardware wallet.
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