AT&T Inc. and Verizon Wireless , the biggest U.S. mobile carriers, are planning a venture to displace credit and debit cards with smart phones, posing a new threat to Visa Inc. and MasterCard Inc., three knowledgeable sources told Bloomberg News.

"Dallas is very likely one of the trial cities since it is the headquarters of AT&T," said Harry Wang, director of mobile and health research at Dallas-based Parks Associates.

From the article, "AT&T-Verizon effort to test use of smart phones as mobile wallets" by Victor Godinez

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