Canada's major wireless carriers have announced a new mobile money system that can turn your cellphone into a wireless payment machine.

EnStream LP, a joint venture of Bell Mobility, Rogers and Telus, launched a three-month pilot project for the Zoompass Tag, a sticker that converts your mobile phone into a virtual credit or debit card when it's swiped across a point-of-sale terminal at a checkout.

It's a little like having a prepaid coffee or gas card. Order up a coffee or fill the tank, swipe your phone and it's paid.