Smartphones may soon displace some of the estimated 1 billion credit and debit cards in American wallets. And the soon may replicate in India as well, AT&T (T), Verizon Wireless, and T-Mobile are planning a venture to develop a mobile payment system that works with smartphones, posing a new threat to Visa (V) and MasterCard (MA), three people with direct knowledge of the plan say. The partners aim to test the system at stores in Atlanta and three other U.S. cities, the people say, though they didn't provide a timetable. The trial would be the carriers' biggest effort to spur mobile payments in the U.S. "This is definitely a game changer"
Also with Mobile banking taking shape in India, soon Mobile payments will become all the more reality very soon with smartphones coming for really cheap prices, Credit and Debit cards are facing stiff competition than ever..