AT&T, Verizon plan mobile payment system – report

Tuesday, August 3, 2010
By Paul Martin

AT&T Inc (T.N) and Verizon Wireless (VZ.N) are planning a partnership to displace credit and debit cards by letting consumers pay with the contactless wave of a smartphone, Bloomberg News reported, citing three people with direct knowledge of the plan.

The new venture may pose a competitive threat to payment networks such as Visa Inc (V.N) and MasterCard Inc (MA.N), the report said.

The partnership, which also includes T-Mobile USA, may work with Discover Financial Services (DFS.N) and Barclays Plc (BARC.L) to test a system at stores in Atlanta and three other U.S. cities, the people told the agency.

AT&T and Verizon Wireless declined comment to Bloomberg. They could not be immediately reached for comment by Reuters outside regular U.S. business hours.

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