AT&T, Verizon, T-Mobile Target Visa, MasterCard In Venture - Bloomberg

2nd Aug 2010 06:26

DOW JONES NEWSWIRES AT&T Inc. (T), Verizon Communications Inc. (VZ) 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. (V) and MasterCard Inc. (MA). The telcos could work with Discover Financial Services (DFS) and Barclays PLC (BCS) that will test it in at least four U.S. cities, the report on the Bloomberg web site said. It isn't immediately clear when trials would begin. The payments would be processed via the Discover network while Barclays would help manage the accounts, the report said. AT&T and Verizon are equal partners in the venture while T-Mobile holds a smaller stake, it added. Full story: http://www.bloomberg.com/news/2010-08-02/at-t-verizon-said-to-target-visa-mastercard-with-smartphones.html (END) Dow Jones Newswires August 02, 2010 01:26 ET (05:26 GMT)