- Associated Press - Tuesday, November 16, 2010

NEW YORK (AP) - Three of the country’s leading cell phone carriers have formed a joint venture aimed at allowing people to make purchases with their mobile phones.

And they say the technology they plan to introduce could eventually do away with any need for cash, credit cards or even metro passes _ it will all be done with a wave of a cellphone.

Verizon Wireless, AT&T Inc. and T-Mobile USA, in a joint venture called ISIS, plan to roll the service out in limited regions of the country over the next year and a half.

They said Barclaycards US, a division of the British bank Barclays PLC, will be the first bank to offer a mobile payments service on the network.