Visa (V) and MasterCard (MA) Could Be Threatened With New Wireless Phone Payment System

Shares of Visa (NYSE: V) and MasterCard (NYSE: MA) could see pressure today on reports from Bloomberg, that wireless companies AT&T Inc. (NYSE: T), Verizon Wireless (NYSE: VZ) and Deutsche Telekom AG are planning a new venture to displace credit and debit cards with smartphones.

The leading wireless companies may work with Discover Financial Services (NYSE: DFS) and Barclays Plc (NYSE: BCS) to test a system at stores in Atlanta and three other U.S. cities that would let a consumer pay with the wave of a smartphone, the report said.

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