When it comes to the mobile industry the major players like AT&T, T-Mobile, and Verizon are at each other's throats in a fight for subscribers and dominance in the market. The three have managed to find common ground in the potential to make huge sums of money by revamping the way consumers pay for goods and services at the register. The joint venture is called Isis.
The goal of Isis will be to work with the Discover Financial Services payment network to allow consumers to pay for products using their mobile devices and NFC tech inside the handsets. The user would present the mobile device at checkout rather than cash or credit card to pay. Isis plans to roll its tech out to select markets in the next 18 months. The tech uses "strong" encryption and privacy protection according to Isis.
The first card issuer to use the Isis system will be Barclaycard US. The CEO of Isis is Michael Abbott who was with GE Capital before, said, "Our mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient, more personalized shopping experience for consumers," said Michael Abbott, Chief Executive Officer of Isis. "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."