According to a Bloomberg report, AT&T, Verizon and T-Mobile are planning to devise a way that people can make credit card purchases with their smartphones, eliminating the need for plastic. The partnership involves Deutsche Telekom AG, and potentially Discover Financial Services and Barclays and a test will be performed in Atlanta and 3 other US cities to see if consumers can essentially just swipe their smartphone.

This would clearly challenge the need for Mastercards and Visas in everyone's wallets. This project is well underway and the networks are looking for a CEO to man the program.

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