Wal-Mart , Target and Lowe’s are joining forces and the pros say what they have planned could be a game changer.

Together these heavy-hitters are developing a mobile payment system that will allow customers to  pay for their purchases using their smartphones.

We know what you're thinking - that idea certainly isn’t new.

Just last week Starbucks and Square launched a similar partnership. In May, eBay’s PayPal unit did the same. And last year Google launched a service called Google wallet – again the same.

But Wall Street pros are particularly jazzed about the Wal-Mart, Target and Lowe’s alliance because they think it will take mobile to a whole new level. Over a dozen retailers in total are involved in the initiative and the whole group accounts for about $1 trillion in annual sales.

Other companies include Alon Brands, Best Buy, CVS, Darden Restaurants, HMSHost, Hy-Vee, Publix Super Markets, Sears, Shell Oil US and Sunoco.

“It says to me that we’re a giant step closer to people just leaving their wallets at home,” explains optionMonster Jon Najarian.

Top venture capitalist Bill Gurley agrees. On CNBC's Fast Money Halftime Report he says, “People will be able to walk into any store or visit any website on a mobile devices and have a one click experience. Everyone expects that to happen now.” Read More:
"Mobile Will Let Shoppers Leave the Wallet at Home"
If a sea change is coming, a savvy trader will get infront of it. And the Fast Money traders are indeed savvy.

“NXPI is my favorite way to play,” says trader Joe Terranova, chief market strategist for Virtus. “They make the infrastructure that will allow this to happen. And I’d also look at Mastercard and Visa. They will be the virtual toll collectors.”

Jon Najarian is a fan of eBay for its PayPal technology. “That’s my favorite in the space,” he says.

Pete Najarian recommends playing the trend with your favorite security software makers, such as Intel which bought McAfee. Although a sea change such as this could transform retailing, it may also create security issues, particularly if mobile devices are lost or stolen.

What do you think? We want to know!

Posted by CNBC's Lee Brodie

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Trader disclosure: On August 15, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long SBUX; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in ABX; Jon Najarian is long call spreads in GLD; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in HUN; Jon Najarian is long call spreads in CSCO; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in GMCR; Jon Najarian is long call spreads in OAS; Jon Najarian is long STSI; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long GLUU; Brian Kelly is long INGR

For Jurrien Timmer
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CNBC.com with wires.