The next company hoping you can "hear them now" made its first break into the wireless market Wednesday. Google's Project Fi is designed to be a cheaper alternative to existing carriers, especially when it comes to data.

Yahoo! Finance editor Andy Serwer said it's "probably going to disrupt the entire long-distance phone service business."

Google's service allows customers to pay a la carte for data use­. While other carriers allow for data to "roll over," the refund isn't there.

Serwer said this is another part of the "great unbundling that's going on."

"We're seeing in businesses all across society, with music, and of course with cable television, the Internet is allowing companies to offer people only what they want to buy instead of whole packages," he said.

Serwer said AT&T and Verizon will have to respond -- and Apple may light the spark.

"If Apple sees that this new service is going to juice sales of Android phones, then Apple is going to tell Verizon and AT&T, 'Hey, you better start unbundling as well and you better start offering consumers a la carte for data as well,'" Serwer said.

Project Fi service costs $20 a month for unlimited voice and unlimited text, as well as international coverage, and $10 per month for every gigabyte of data used. If a customer doesn't use all of their monthly allotted data, Google refunds the credit.

Customers make calls in two ways: Both over traditional LTE cellular networks and over the Internet, via Wi-Fi. Project Fi will route your calls over open Wi-Fi networks, the way VoIP (Voice over Internet Protocol) products such as Skype do. When users are not on Wi-Fi, Google's service will automatically switch to T-Mobile or Sprint's existing network, connecting to their cell towers, choosing whichever provider has better service at your current location.

"T-Mobile and Sprint are the smaller players in the business. They obviously need the traffic that this new Google business would bring them," Serwer said.

Right now the service only works on Google's Nexus 6 phone and you must request an invite to participate in Project Fi's Early Access Program.

How will Google's service compare to existing carriers?

"AT&T and Verizon have much better coverage than Sprint and T-Mobile. You put them together though, which is what Google is doing, and you probably kind of equate to a Verizon," Serwer said.