Nokia and several mobile telecom carriers have all teamed-up for a global initiative that will transform mobile phones into wallets, a wireless telecoms interest group announced on Wednesday.

Through this novel plan, consumers will be able to use a phone as a wallet or as an access card simply by waving it over a wireless reader - and in some cases punching a PIN number into the phone - similar to how travelers in Tokyo and London access public transport.

Kai Oistamo, head of Nokia’s main cell phones unit, told Reuters, “The phone becomes a wallet, after that you can pay with it just like you pay with your bank cards.”

Large European and Asian carriers KPN, Maxis Communications Bhd, Mobilkom Austria, O2, Orange, SFR, SingTel, SKT, and Wind joined 14 cell phone operators which kicked off the project some months ago.