Carriers Create Mobile Payment Network
Three U.S. mobile carriers have joined forces to create a mobile phone-based payment system. Verizon, AT&T and T-Mobile are all behind Isis, what the companies call a new mobile commerce network.
The network, which will run through an app, will allow consumers to pay using their mobile phones. Isis will be unveiled over the next 18 months.
"Our mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient, more personalized shopping experience for consumers," Michael Abbott, Chief Executive Officer of Isis, said as part of the announcement. "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."