AT&T Mobility, T-Mobile USA and Verizon Wireless announced a partnership that aims to bring a national mobile payments networks to U.S. consumers in the next 18 months. Dubbed ISIS, the initial focus will be on building a mobile payment network that utilizes mobile phones and near field communications technology to make point-of-sale purchases.
Michael Abbott has been named as Chief Executive Officer of Isis. Formerly with GE Capital, Abbott is a veteran financial services executive with experience in the payment and technology industries. In a release from the venture, Abbott says ISIS will create a mobile wallet that could be used for payments, reward cards, coupons, tickets and transit passes.
ISIS is working with Discover Financial Services’ payment network to develop an mobile payment infrastructure for the joint venture. Barclaycard US, part of Barclays PLC, is expected to be the first issuer on the network, offering different mobile payment products.
The venture will enable mobile payment and commerce services using near field communication technology. NFC uses the same technology standards as contactless payment cards. It wasn’t immediately known what form factor ISIS would enable payments with. There are a variety of options, including stickers and microSD cards as well as handsets, but there are limited handsets in circulation.
The ISIS site can be found here.