Is this your new wallet?

According to Bloomberg news, AT&T, Verizon and T-Mobile are developing a system that allows you to pay for your purchases with a wave of your smartphone instead of a swipe of your plastic.

Already commonplace in some Asian and European countries, it's not hard to see why some people might prefer the convenience of using their phone to complete a transaction than dig through a purse or into a wallet for a credit card.

But if this shift happens, the biggest driver will be the credit card companies' unwillingness to compromise on fees they charge retailers and consumers. As cash and check transactions continue to decline, Visa and Mastercard have been making money hand over fist with combined profits of over a billion dollars.

Both retailers and consumers looking to lower their costs of credit will move to this system if it's cheaper, safe and convenient, which undoubtedly it will be. Unless the credit card companies find ways to operate more efficiently and learn to live with less (and I don't see that happening anytime soon), contactless payment through your smartphone will eat into the business and profits of the Visa and Mastercard saving consumers and businesses a lot of money.

And that, my friends, would be priceless.