AT&T Inc., Verizon Communications Inc. and T-Mobile USA are attempting to create a system to bypass credit and debit cards and allow consumers to pay for purchases by smartphones, Bloomberg News reported Monday, citing unnamed sources.

The venture is a direct threat to Visa Inc. and MasterCard Inc. The telcos could work with Discover Financial Services and Barclays PLC that will test it in at least four U.S. cities, the report on the Bloomberg web site said.

 

 

 

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