Big Wireless Carriers Team Up to Steal Visa's and Mastercard's Thunder

Paying through credit cards using your smartphone is not really a new thing. What is new, though, is that three of the top wireless carriers in the United States plan on supporting mobile payment methods. AT&T, Verizon Wireless, and T-Mobile are about to test the Near Field Communication payment scheme in pilot cities such as Atlanta and three others. Discover Financial Services and UK-based Barclays Plc could join in the fray as potential partners.

The plan requires installation of new readers for merchants and embedded NFC chips in smartphones. This also means that they can make their payments directly through their phones, without the need of credit cards. Uh-oh, Visa and Mastercard wouldn’t like that.

Source: Bloomberg, via Engadget

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