MasterCard and Visa may be replaced by smartphones from AT&T and Verizon

In some countries, people have been able to pay for stuff using their smartphones for a while now.

When they go to vending machines or store counters in some countries all the buyer has to do is swipe their phone to pay.

Here in the US credit card payment systems using smartphones are not available.

AT&T and Verizon are looking to change that though. The wireless carriers are planning to work together to bring smartphones to market that can work as a credit card.

The two rival carriers are working together on a plan Bloomberg reports the carriers hope will rival MasterCard and Visa.

T-Mobile is also part of the scheme to replace credit cards with smartphones. The payment system would reportedly run charges through the Discover network. If the plan works Discover could move up from fourth place in the ranks of credit card company size.

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