ORLANDO, Florida (Reuters) - AT&T Inc. (T.N: Quote, Profile, Research) said on Tuesday it has taken a step toward the long-promised notion of phones replacing credit cards, checks and cash by signing agreements with Wachovia Corp. (WB.N: Quote, Profile, Research) and several other banks.

The agreements will allow customers of its Cingular Wireless arm, which is being rebranded as AT&T, and participating banks to manage their accounts and pay bills electronically by using an application on their cell phones.

While the use of mobile phones for transactions is in its nascent stages in the United States, such services are already available in parts of Europe and Asia.