Carriers Readying Mobile Payments at Checkout
AT&T, Verizon Wireless and T-Mobile are reportedly joining forces on a venture to allow consumers to pay for items directly with their smartphones at checkout, Bloomberg News reported Monday, citing three sources with knowledge of the plan.
The system, which will be tested this year in four U.S. cities, would compete with Visa, Mastercard and other credit card providers. Discover Financial Services and Barclays are reportedly also partners in the venture.
Consumers would have an account through the venture, rather than a physical credit card, and use their phone for purchases. Similar systems are already available in foreign countries, including Japan and the U.K.