Verizon, AT&T T- Mobile are providing more than $100 million in new funding for their mobile payments joint venture Isis, an insider has revealed to Bloomberg.
According to the source, the exact amount of funding will be determined by how many banks and merchants sign onto the service, which will debut next year in Salt Lake City and Austin, Texas.
The source added that the move is an attempt ramp up the pace on Google, which revealed its own mobile-wallet service in May. Google is currently moving ahead with its service by outfitting merchants with compatible readers, says Bloomberg.
Spokesmen for each of the three carriers declined to comment.
Isis, which has signed deals with Visa, MasterCard, Discover and American Express, uses NFC technology to allow customers to make contactless purchases at the point of sale, as well as receive and redeem coupons using only their mobile phone.
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