Whoa!!! Hold your horses!
A firm NO THANK YOU! from me for this technology.
Cell-phone theft is already rife (at least, in South Africa) and people have been killed just for a cell-phone.
Having cash attached to a phone will increase its value a hundred-fold (at least). Having already had to part with my phone in an affirmative shopping transaction (ie. it was forcibly removed from me in broad daylight in the centre of Cape Town) I certainly do not relish carrying one of these babies on me.
A further problem is that ALL cell-phones will now become more attractive targets, as there will be no visible distinction between cash-imbued and cash-less cell-phones (unless, of course, the Bling-enhanced phones come in gold or with fluorescent stickers attached that says "Take me - I am cash and a phone!"
This technology should be stopped dead in its tracks before people get hurt (unless they come up with fool-proof ways of preventing unauthorised swiping, which takes us back to credit cards, so where is the advantage?).
Major major fail (or problems, should it become reality).