zlacker

So a phone can totally emulate a regular physical credit card, if it has the private key.

Behaving like a credit card does not mean that the credit card is clonable.

>>palata+(OP)
Yes, if you want to write an app, that will generate transaction conforming to the protocol & will use your card number it's actually very short programy.

With some luck it will be even routed to your bank. Then it will fail due to invalid authentication. I think there's a defcon talk on YouTube that details the exchange.