Verizon, AT&T Hire CEO for Smartphone Payments Venture

A telecommunications group including Verizon Wireless and AT&T Inc. (T) hired Michael J Abbot, a former executive with General Electric (GE), to run a venture that will let consumers pay for purchases using their smartphone. Abbot, who was previously the chief marketing officer for GE%u2019s U.S. retail consumer-finance business, will be the CEO of the new venture, Bloomberg News reported.

Banks Rework Credit Cards With New Technologies

Get ready for credit card 2.0. Citibank (C) is about to begin testing a card with two buttons and lights to let users choose whether they want to pay with rewards points or credits, The New York Times said.