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Credit Cards Are Out, Smartphones Are In!

Filed under: Etc.

Discover and Barclays Bank are teaming up with AT&T, Verizon, and T-Mobile in a "super-secret alliance," which will give their customers access to a new technology that will allow them to buy stuff off of their iPhone, BlackBerry, and other smartphones.

Consumers will be able to "wave and pay," without needing to swipe their credit card.

With Discover currently the fourth biggest credit card company, behind Visa, MasterCard, and American Express, the company is hoping to take "dead aim" at their competitors by offering the new technology.

In fact, shares for Visa and MasterCard have already dropped since the news was leaked.

According to insiders, "this is a game changer."

Watch the clip (above) and see how this new "contactless" swipe works. Pretty neat!

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