Monday, November 15, 2010

AT&T, Verizon Wireless and T-Mobile Team on Mobile Wallet

AT&T Mobility, T-Mobile USA and Verizon Wireless announced the foundation of Isis -- a national mobile commerce network that aims to fundamentally transform how people shop, pay and save. The venture will leverage near-field communication (NFC) technology to enable point-of-sale transactions via mobile phone. Commercial launch in key geographic markets is expected over the next 18 months.

Together, these operators provide wireless services to more than 200 million U.S. consumers.

"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," stated Michael Abbott, Chief Executive Officer of Isis.

Initial financial partners include Discover, which operates a payment network currently accepted at more than seven million merchant locations nationwide, and Barclays PLC, which is expected to be the first issuer on the network.

The companies said the Isis mobile commerce network will be available to all merchants, banks, and mobile carriers.

  • Isis is headed by Michael Abbot (CEO, who previously was with GE Capital.