WSJ: AT&T, T-Mobile, Verizon working on mobile payment system

The Wall Street Journal is reporting that U.S. wireless providers AT&T, T-Mobile, and Verizon Wireless are working on a joint project that aims to bring a mobile-phone payment system Stateside. Purportedly, the effort is being headed by General Electric executive Michael Abbott and will be financed by Barclays PLC and Discover Financial Services.

“The rare showing of cooperation between three of the four national carriers creates a potentially large base of users for its mobile-payment system,” writes the Journal. “The carriers are eager to move into mobile transactions because it represents a new revenue stream and another feature that gets subscribers spending more time on their phone.”

The report goes on to note that the announcement of the new service’s existence could come as early as today. Mobile payments systems have been in use in Canada and Europe for several years.

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