Wachovia Corp. will launch an online banking system via cell phones that allows customers to view account balances, transfer funds and pay bills.

The mobile-banking application will be pre-loaded on future AT&T Inc. handsets beginning this year.

All wireless transactions will be encrypted.

Customers will need an AT&T wireless data plan to access the mobile-banking service.

According to Celent, a research and consulting firm, about 46 million households bank online. By 2010, 17 million households will use mobile banking as an alternative online-banking source, Celent says.

"The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go -- business travelers, college students and anyone who desires the flexibility that wireless delivers," says Mark Collins, vice president of consumer data for AT&T's wireless unit.

As of Sept. 30, Charlotte-based Wachovia (NYSE:WB) had assets of $754.2 billion and market capitalization of $95.3 billion. The company has 3,400 retail financial centers in 21 states.

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