Tired of carrying around a stack of plastic cards? Hope may be on the horizon, and it could be bad news for MasterCard Inc (NYSE: MA), VISA and others.

National Payment Card has launched a service that allows users to link their driver's license, via the info on its magnetic strip, to their checking account, thus allowing them to use it as a debit card. The program test began in Texas early this year, and will soon expand to convenience stores in the region.

This is bad news for Visa, et.al., for two reasons. First, NPC is undercutting the competition by charging only $.15 per transaction instead of the percentage demanded by the national cards.

The second problem is that this destroys branding of the product. Unless the BMV can be convinced to offer gold or platinum driver's licenses, commoditization of consumer credit may well follow.

This could be only the first step in making use of the new standard for driver's licenses that standardizes mag strip contents. If the market can gain access to the individual recognition and authentication features of the BMV system, the driver's license could become the go-to card for credit transactions, ATM access, or even federal benefits such as welfare and Medicare.

Look for the major players in the market to lobby hard to put roadblocks in the way of this movement. The stakes are enormous, especially in light of Visa's planned IPO.