August 5, "Business Week" article points out, AT & T and Verizon Wireless intends to launch a mobile payment system, the mobile payment system may replace the traditional credit card payment system. It is estimated that Americans use credit cards now total about 1 billion, part of which may soon be replaced by smart phones.
According to three sources familiar with, AT & T, Verizon Wireless and T-Mobile intends to develop a smartphone using the mobile payment system, which could have a traditional credit card payment systems pose new threats.
Although the technical details yet to be perfect, but with this service, consumers can use when shopping smart phones to pay for. Transactions will be the fourth largest
Retail Industry Leaders Association (Retail Industry Leaders Assn.)'s Brian Dodge that the payment services market is now a lack of real competition. If you have a secure and reliable network competitors, and can reduce the cost of retailers, then retailers will certainly be welcome.
According to Nilson Report, said
Boston Federal Reserve Bank's policy paper in May, said the new payment system may encounter many obstacles, difficult to stand our ground rapidly in the
Visa and MasterCard are investing in developing their own mobile payment system.
Conclusion: AT & T, Verizon Wireless and T-Mobile ready to launch smart phone payment system may push the
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