WSJ had reported yesterday that the major wireless providers in the US – AT&T, Verizon and T-Mobile were working on a joint project to deploy a mobile payment system. It looks like that piece of information was absolutely spot on.
Today, AT&T Mobility, Verizon Wireless and T-Mobile USA announced a new national mobile commerce network named ISIS. ISIS aims to use NFC technology to enable easy mobile payments and point-of-sale purchases. With all the three heavyweights backing it, the service already has a massive user base to begin with.
“The new venture will enable contactless mobile payment and commerce services using near-field communication technology. NFC uses short-range, high frequency wireless technology to enable the encrypted exchange of information between devices at a short distance. The new system is being designed and built to include strong security and privacy safeguards.”
“Our mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient, more personalized shopping experience for consumers,” said Michael Abbott, Chief Executive Officer of Isis. “While mobile payments will be at the core of our offering, it is only the start. We plan to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes.”
For more details, check out the official site – ISIS