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AT&T, Verizon to Target Visa, MasterCard With Smartphones
Key Excerpts from Article on Website of Bloomberg News
Posted: August 9th, 2010
http://www.bloomberg.com/news/2010-08-02/at-t-verizon-said-t...
AT&T Inc. and Verizon Wireless, the biggest U.S. mobile carriers, are planning a venture to displace credit and debit cards with smartphones, posing a new threat to Visa Inc. and MasterCard Inc., three people with direct knowledge of the plan said. The trial would be the carriers biggest effort to spur mobile payments in the U.S. and supplant more than 1 billion plastic cards in American wallets. Smartphones have encroached on tasks ranging from Web browsing to street navigation and now may help the phone companies compete with San Francisco-based Visa and MasterCard, the worlds biggest payments networks. The service, similar to those already available in Japan, Turkey and the U.K., would use contactless technology to complete purchases in stores. Theyd be processed through Discovers payments network, currently the fourth-biggest behind Visa, MasterCard and American Express Co. Barclays would be the bank helping to manage the accounts, said the people, who requested anonymity because of confidentiality agreements. Retailers may be eager to help another network after years of fighting over transaction fees set by Visa and MasterCard.
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