"Isis" Mobile Payments Program for the United States Backed Backed by Three Major Wireless Carriers

While using your mobile phone to make purchases has been around in Eurpoe and Asia for a number of years, but there always seem to be some hurdle stopping it being offered in the US. Well not any more, "In a move that could one day replace wallets with mobile phones, three major wireless carriers […]

While using your mobile phone to make purchases has been around in Eurpoe and Asia for a number of years, but there always seem to be some hurdle stopping it being offered in the US. Well not any more, "In a move that could one day replace wallets with mobile phones, three major wireless carriers -- AT&T Mobility, T-Mobile USA and Verizon Wireless -- have signed on to participate in a mobile payments network that uses smartphones and Near Field Communication tech to that lets devices exchange encrypted payment information over a short distance to pay for goods in stores.

Called "Isis," the program, led by former GE Capital Financial executive Michael Abbott, will at first focus on building a payment network that enables mobile phones to make point-of-sale purchases using NFC," Internet Retailer stated.

Both Isis and Sprint Mobile Wallet have found a way to add card issuers to the mix, although each program has its drawbacks. While Sprint's works with all Visa, MasterCard and Amazon Payments accounts, it's only available for online purchases for now. Isis meanwhile, only works in stores and with NFC-equipped terminals and contactless payment cards that're part of the service.

[Source]