Three national wireless carriers are teaming up with Discover and Barclay’s on a pilot program which aims to enable consumers to use their smartphones as payment devices, sources have told Bloomberg News Service. AT&T, Verizon Wireless and T-Mobile are planning to test the functionality in select markets.

Little is known about the potential service other than one of the pilot cities being Atlanta, and that the venture is currently searching for an executive to head up the new company. In any case, it could shake up the entire retail industry.

Currently, credit card companies hold a lot of power over retailers as their sheer popularity force their adoption. In turn, so called “swipe fees” — the cost attached to processing each and every transaction — has become a real issue. Thus, if mobile payments are offered at a lower cost, its adoption could be quick especially considering three of the four major wireless providers are supporting it.

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