Big U.S mobile operators, AT&T, Verizon and T-Mobile are collaborating to launch a nationwide mobile commerce network called the Isis. Its objective is to render the wallet holding paper cash, variety of cards such as credit, debit and loyalty obsolete. Isis enables users to make point of sale purchases by just waving their smartphones (ones with integrated radio microchip) against the retailer’s reader. This near-field-communication (NFC) leveraged service would be released over the next 18 months in various parts of U.S.
According to Isis statement, its focus will be on building a mobile payments network that uses ‘smartphone and near-field communication (NFC) technology to modernize the payments process.’ Isis is partnering with Discover Financial Services to build the requisite mobile payment structure. Discover Financial Services’ is accepted by over 7 million merchant locations in the U.S. Barclaycard US is expected to be the first issuer on the network, offering mobile payment products.
The total numbers of consumers of all 3 networks put together is 200 million, and add to that the 7 million merchant locations; Isis has tremendous reach to both consumers and merchants alike. Furthermore, the market for mobile payment is poised to grow from $170 Billion in 2010 to $630 billion in 2014 according to Juniper. And with Google endorsing NFC, with the upcoming release of their OS Gingerbread supporting this technology, Isis could not have timed its entry better.
Image Credit: http://www.socialbrite.org
|AT&T, Verizon & T-Mobile Collude to Build Mobile Payment Service ‘Isis’|